Guarantee by Government for loans.

General199924 sections

Statutory text

(1) The Government may guarantee, in such manner as they think fit, the payment of the principal and interest of any loan proposed to be raised by the Board under section 8: Provided that the total principal amount of guarantee issued by the Government under this section shall not exceed a sum of rupees one hundred and eighty crores.
(2) The Government shall, so long as any such guarantee is in force, lay before the State Legislature in every year during the budget session, a statement of the guarantees, if any, given during the current financial year and upto date accounts of the total sums, if any, which have been paid out of the Consolidated Fund of the State by reason of any such guarantee or paid into the said fund towards repayment of any moneys, so paid out.

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