Power of the Local Self Government Institutions and Development Authority to borrow money.

A Local Self Government Institution or a Development Authority may, from time to time, borrow at such rate of interest and for such period and upon such terms, as the Government may approve, any sum of money required for efficient performance of the functions assigned to it under this Act and the rules made thereunder, subject to the provisions in the Kerala Local Authorities Loans Act, 1963 (30 of 1963) and the rules made thereunder.