"INSURANCE BOARD, TO EMPOWER THE BOARD TO FORM AND ESTABLISH OR ACQUIRE SUBSIDIARIES TO PERFORM CERTAIN FUNCTIONS OF THE BOARD, WITH A VIEW TO OBLIGING THE BOARD TO APPLY FOR A GRANT TO THE RELEVANT SUBSIDIARY OF AN AUTHORISATION TO CARRY ON THE BUSINESS OF NON-LIFE INSURANCE, TO SPECIFY THE BORROWING POWERS OF THE BOARD AND SUCH SUBSIDIARIES, AND TO PROVIDE FOR RELATED MATTERS."