Chapter IX BORROWING

1. (1) The Corporation may, in pursuance of any resolution passed by

1. (a) for acquiring any land which it has power to acquire;
2. (b) for erecting any building which it has power to erect;
3. (c) for the execution of any permanent work, the provision of any plant, or the doing of any other thing which it has power

1. (d) to payoff any debt due to the Government;
2. (e) to repay a loan previously raised under this Act or any other

the Government;

1. (ii) the amount of loan, the rate of interest and the terms

1. (2) When any sum of money has been borrowed under sub-section

1. (3) The Corporation shall be deemed to be a local authority for the

money borrowed

under section 150.borrowed for the purpose of discharging any previous loan shall not, except with

Corporation may, with the previous sanction of the Government, determine and shall be transferable in such manner as shall be expressed, therein, and the right to sue in respect of the money secured by any of such debentures shall vest in the holders thereof for the time being without any preference by reason of some of such debentures being prior in date to others.

two or more persons jointly and either or any of them dies, then notwithstanding anything contained in section 45 of the Indian Contract Act, 1872, the debenture or security shall be payable to the survivors of such person:

persons.

1. (2) All moneys paid into the sinking funds shall, as soon as possible

1. (3) All dividends and other sums received in respect of any such

1. (4) Any investment made under this section may, subject to the

provisions of sub-section (2), be varied or transposed.

Form and effects of debentures.

payees.

dividend.

sinking funds.

by Commissioner.

1. (a) the amount which has been invested during the year under section 155;

payment.

money borrowed from Government. Power to make regulations.

Property vested

in Corporation and management of public institutions.

MUNICIPAL CORPORATION[1994 : Hr. Act 16

1. (b) the date of the last investment made previous to the

submission of the statement;

1. (c) the aggregate amount of the securities then in his hand; and
2. (d) the aggregate amount which has up to the date of the statement been applied under section 156, in or towards discharging loans.

1. (2) A copy of every such statement shall also be submitted to the

All payments due from the Corporation on account of interest and repayment of loans shall be made in priority to all other payments due from the

(1) If any money borrowed or deemed to have been borrowed by the Corporation from the Government or any interest or costs due in respect thereof be not repaid according to the conditions of the loan, the Government may attach the Corporation Fund or any part thereof. (2) After such attachment no person except an officer appointed in this behalf by the Government shall in any way deal with the attached fund; but such officer may do all acts in respect thereof which any Corporation authority, officer or other employee might have done if such attachment had not taken place and may apply the proceeds in satisfaction of the arrears and of all interests and costs due in respect thereof and of all expenses caused by the attachment and subsequent proceedings: Provided that no such attachment shall defeat or prejudice any debt for which the fund was previously charged in accordance with law; and all such prior charges shall be paid out of the proceeds of the funds before any part of the proceeds is applied to the satisfaction of the debt due to the Government.

to say,-

1. (a) all such public town, walls, gates, markets, stalls, slaughter

1994 : Hr. Act 161MUNICIPALCORPORATION

1. (b) all public streams springs and works for the supply, storage

1. (c) all public sewers and all drains, and sewers, culverts and

1. (d) all public lamps, lamp-posts and apparatus connected therewith or appertaining thereof;
2. (e) all land or other property transferred to the Corporation by

liabilities of the trust dissolved under sub-section(1)of

2[(g) Shamlat Deh.]

1. (3) The Corporation shall maintain a register and a map of immovable

property of which it is the proprietor or which vests in it, or which it holds it trust

for the Government.

1. (4) The management, control and administration of every public

institution maintained out of the Corporation Fund shall vest in the Corporation.

Inserted by Haryana Act 12 of 2013.

2 Added by Haryana Act 18 of 1999.

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1. (5) When any public institution has been placed under the direction,

CHAPTER-X PROPERTIES AND CONTRACTS