section 26
Loan Fund.
The Jammu and Kashmir Metropolitan Region Development Authorities Act, 2018General201856 sections
Statutory text
- (1) As a part of the Metropolitan Region Development Fund, the Authority shall establish in distinct Bank accounts a Loan Fund for the purposes of,—
- (a) receiving all monies borrowed by it including all repayments of loan instalments together with payment of interest made by the borrower on loans,
- (b) providing all monies to be made available by the Authority as loans or advances to local authorities and other authorities or persons,
- (c) repayment of loans raised by the Authority for the purpose of this Act, and
- (d) expenditure on projects and schemes financed through loans.
- (2) All matters connected with the Loans Fund shall be governed by the regulations made in this behalf.
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