Power of Committees to borrow.

(1) A Block, Town or a Village Library Committee may borrow money on the security of its Library Fund for purchasing land, building, furniture and fixtures to be used for library purposes with the approval of the District Library Committee, who shall also approve the amount to be so borrowed, which amount shall not exceed five times the amount of library cess accruing annually to it. (2) A District or City Library Committee may similarly borrow money for the same purpose with the approval of the Authority who shall also approve the amount to be borrowed in any particular case within the same limit.