Chapter IV Chapter IV

(1) Subject to the provisions of Section 32 any official transferred to the Nigam, at the request of the Nigam, permanently or temporarily by the State Government from any of their departments, shall enjoy all such privileges of gratuity, pensionary benefits and any other benefits to which that official would have been entitled had he continued to serve in his parent department in the State Government. (2) An official specified in sub-section (1) shall, during the tenure of employment in the Nigam, be subject disciplinary control of the Nigam.

(1) The Nigam may for the purpose of carrying out its functions under this Act,- (a) with the prior approval of the State Government issue and sell bonds and debentures, and other securities carrying interest; (b) borrow money and accept deposits from Central Government, the State Government, any bank or financial institution and with the approval of the State Government, from a corporate body or from any other person. (2) Subject to such conditions and restrictions as the State Government may deem fit to impose, it may guarantee the bonds and debentures and other securities issued under clause (a) of sub-section (1) and the loans and deposits raised by the Nigam under clause (b) of sub-section (1) as to the repayment of principal and payment of interest thereon and incidental charges. (3) Without the approval of the State Government the total borrowing of the Nigam under sub-section (1) shall not at any time, in the aggregate exceed four times the amount of the capital subscribed by the State Government under Section 5.

(1) The Nigam may receive remuneration for its services including cost of works incurred by the Nigam under this Act, and accept gifts, grants, subsidies, donations or any benefactions from the State Government or any other Government or agency or from any person. (2) The State Government may also transfer to the Nigam, buildings, land, machinery or any other movable or immovable property for the use of the Nigam on such terms and conditions as the State Government may deem fit.