Power to borrow

General196945 sections

Statutory text

(1) The market committee may, with the previous sanction of the Board, raise the money required for carrying on the purposes for which it is established on the security of any property vested in and belonging to the market committee and of any fees leviable by the market committee under this Act.
(2) The market committee may, for the purpose of meeting the initial expenditure on lands, buildings and equipment required for establishing the market, obtain a loan from the Government on such conditions and subject to such rules as may be prescribed.
(3) A committee may, with the previous approval of the Chairman of the Board, obtain loans from other committees on such conditions, and subject to such rules, as may be prescribed.

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