Power of Board to borrow

Power of Board to borrow.—(1) The Board may, from time to time, with the previous sanction of the Government and subject to the provisions of this Act and to such conditions as may be prescribed in this behalf, borrow any sum required for the purposes of this Act.

1. (2) Rules made by the Government for the purposes of this section may empower the Board to borrow by the issue of bonds or stocks or otherwise and to make arrangements with bankers, and may apply to the Board with such modifications as may be necessary to be consistent with this Act.
2. (3) The maximum amount which the Board may at any time have on loan under sub-section (1) shall be such amount as the Government may, from time to time sanction keeping in view the requirements of the Board.
3. (4) Stock issued by the Board under this section shall be issued, transferred, dealt with and redeemed in such manner as may be prescribed.