7. The Deputy Minister, the Assistant Deputy Minister for college education and the Director General for the financing and equipment of colleges are each authorized to exercise, in the place of the Minister, the following powers and duties:
(1) granting to a college the authorization required to borrow money on its credit, hypothecate its property for certain purposes, issue bonds or other titles of indebtedness or securities and sell, exchange or hypothecate the same, or create a servitude, in accordance with the second and third paragraphs of section 6 of the General and Vocational Colleges Act (chapter C-29);
(2) determining the date of transmission and the form of the budget of the colleges, in accordance with the first paragraph of section 26.1 of that Act;
(3) determining the documents or information that must accompany the colleges’ financial statements as well as the time of their transmission and their form, in accordance with section 27 of that Act;
(4) granting, subject to the terms and conditions he determines, a subsidy to a college in order to provide for payment of a loan and depositing with the Minister of Finance sums to constitute a sinking fund, in accordance with sections 28.1 and 28.2 of that Act;
(5) determining the time of the transmission and the form of the financial statements of private institutions dispensing services for college education, in accordance with section 65 of the Act respecting private education (chapter E-9.1).