Power of Board to borrow and lend

(1) The Board may, from time to time, with the previous sanction of the State Government and subject to such conditions as the State Government may, by general or Special order determine, borrow any sum required for the purposes of this Act whether, by the issue of bonds or debentures or otherwise or by making arrangements with Banks or Institutions approved by the State Government in that behalf.

(2) Bonds or debentures issued by the Board under this section shall be issued, transferred, dealt with or redeemed in such manner as the State Government, may by general or special order, direct.

(3) Subject to the provisions of this Act and such conditions and limitations as may be specified in the scheme, the Board may, out of its funds, grant loans and advances for infrastructure projects to any public sector undertakings or other undertakings for the time being in existence in the State.