Article 46

(a) Except for the cases mentioned in this Article and in Articles (33), (40), (44) and (45), the Agency shall not directly or indirectly grant loans or hold bonds, warrants or other debentures issued or guaranteed by the Government, its organizations or agencies, or by public authorities, provided however that the implementation of the provisions of this Article shall not prevent the Agency from acquiring notes under the provisions of Article (17) paragraph (b) and Article (32) paragraph (a) nor from advancing loans pursuant to Article (44) paragraph (b).
(b) Except for the loans allowed under paragraph (a) above, the value of the loans advanced by the Agency to the Government and the value of any bonds, warrants, notes and other debentures issued by the Government and its agencies or by public authorities with the guarantee of the Government, that are held by the Agency, shall at no time in the aggregate exceed 25% of the annual average of the ordinary revenues of the Government, except in the case provided for in paragraph (e) of this Article.
(c) In the implementation of paragraph (b), the ordinary revenue of the Government shall consist of revenues from faxes, real property assessments, royalties, fees, charges, rentals, profit and income derived from any Government investment or operation, any transfer to the Government revenues made by Government organizations and agencies or by public authorities. These revenues shall not, however, include the proceeds of any loans, donations or other forms of economic assistance. The annual average of ordinary revenues shall mean the average of ordinary revenues during the preceding three years for which accounts exist.
(d) In case the Agency's Board of Directors decides:-
1 - that the limits set in paragraph (b) risk to be exceeded
2 - that exceeding the limits set in paragraph (b) involves a risk,
the Agency must submit to the Minister of Finance a detailed report on the situation and the appropriate remedial measures it recommends. The Agency must also continue to submit periodic reports and recommendations at intervals not exceeding six months until such time as, in its opinion, the situation shall have been corrected.
(e) If indebtedness reaches the limit referred to in paragraph (b), the Agency shall so notify the Minister of Finance and shall not directly or indirectly allow any increase in its loans to the Government or in Government loans already in its possession. However, the Prime Minister may require the Agency to allow a temporary increase in the limit of indebtedness upon such terms and conditions as the Government shall set, and for a period not exceeding six months. The Prime Minister shall notify the Agency that the Government shall assume the responsibility of implementing the policy it has set, whereupon the Agency must implement such policy as long as the order remains in effect.