Power of Board to borrow

Power of Board to borrow.—

1. (1) The Board may, with the consent of the State Government or in accordance with the terms of any general or special authority given to it by the State Government, borrow money from any source by the issue of bonds, debentures or such other instruments as it may deem fit for discharging all or any of its functions under this Act.
2. (2) The stock, bond or debentures may be issued by the Board at such rates of interest and such period of maturity and subject to such conditions as the State Government may approve.
3. (3) The State Government may, if it considers necessary, make rules for or in connection with the issue of bonds or debentures by the Board.