Power of Board to borrow money from International Bank for reconstruction and development or other foreign institutions.

Notwithstanding anything contained in this Act but subject to any other law for the time beaing in force, the Board may, with the previous sanction of State Government and on such terms and conditions as may be approved by that Government, raise for the purposes of this Act loans in any currency or currencies from the International Bank for Reconstruction and Development or from any other Bank or Institution in any country outside India; and no other provision of this Chapter shall apply to or in relation to any such loan unless the terms and conditions of the loan or the approval thereof by the state Government otherwise provide.