Borrowing powers

General202690 sections

Statutory text

(1) The Authority may, with the previous approval of the State Government, borrow any moneys for carrying out the purpose of this Act or for servicing any loan obtained by it, at such rates and on such conditions as the State Government may determine at the time the moneys are borrowed.
(2) The Authority constituted under this Act shall be deemed to be a local authority as defined in the Local Authorities Loans Act, 1914 for the purpose of borrowing money under that Act, and the making and execution of a plan and scheme shall be deemed to be a work which such local authority is legally authorised to carry out.
(3) The Authority may, from time to time, borrow money by way of loans or debenture from such sources, issue debentures at such rate of interest and for such period and upon terms, as the State Government may approve, for carrying out the objects of this Act.

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