Bare Act

The Jammu and Kashmir Local Authorities Loans Act, 1940

This Act provides local authorities in Jammu and Kashmir with the legal authority to borrow funds on the security of their own revenues for essential public activities. It enables these bodies to finance construction projects, grant relief during famines, and combat epidemics while strictly regulating repayment periods. By giving the government the power to make detailed rules and attach funds if a loan goes unpaid, the Act ensures that local borrowing is done responsibly and that financial obligations are enforced, protecting the interests of lenders and the stability of local finances.

PDF: pending for this language.