Amendment of Section 70

In Section 70 of the Principal Act,- (a) for sub-section (2) the following shall be substituted, namely:-"(2) The Special Area Development Authority may for all or any of the purposes of this Act,- (a) accept grants from the State Government and Government of India, Companies, Corporations and Boards constituted by the State Government and Government of India, multilateral agencies and financial institutions or local authorities or with prior permission of the Government from any other entities. (b) raise loans or advances from the State Government, Government of India, Companies, Corporations, Boards constituted by the State Government/ Government of India, multilateral agencies and financial institutions or local authorities or with prior permission of the Government from any other entities or by issue of bonds or debentures or through any other mode permitted by Law. (c) The Authority may raise such loans and advances on the security of the immovable property vested in the Authority or of all or any user charges, fees and dues authorised by this Act or or both the immovable property and all or any user charges, fees and dues as may be required." (b) After sub-section (2), the following shall be added, namely:- "(3) The Authority may constitute such special funds as may be specified by regulations and such other funds as may be necessary for the purposes of this Act."