77.1. A body may not make a borrowing unless the borrowing is authorized by the Minister responsible for the administration of the Act governing the body and its nature, terms and conditions are authorized by the Minister of Finance.
However, the authorization of the Minister responsible for the administration of the Act governing university establishments is not required in the case of a project that is not subsidized under the University Investments Act (chapter I-17).
The first paragraph does not apply if the borrowing must, by law, be authorized or approved by the Government.
Moreover, the authorization of the Minister of Finance is not required in the cases and subject to the terms and conditions determined by the Government in a regulation. The provisions of the regulation may apply in whole or in part to one or more bodies and may specify the applicable categories of borrowings.