Borrowing powers of the Board

(1) The Board may, for the purposes of carrying out its functions under this Act, and with the previous approval of, and subject to the directions of the Government, borrow money from, – (a) the public by the issue or sale of bonds or debentures or both, carrying interest at such rates as may be specified therein; (b) any bank or other institution; (c) such other authority, organization or institution as may be approved by the Government in this behalf. (2) The Government may guarantee the payment of the money borrowed by the Board under sub-section (1) aforesaid and the payment of interest thereon and other incidental charges.

previous approval of, and subject to the directions of the Government,

borrow money from, –

1. (a) the public by the issue or sale of bonds or debentures or both, carrying interest at such rates as may be specified therein;
2. (b) any bank or other institution;
3. (c) such other authority, organization or institution as may be approved by the Government in this behalf.

1. (2) The Government may guarantee the payment of the money borrowed by the Board under sub-section (1) aforesaid and the payment of interest thereon and other incidental charges.