Functions of the Nigam

19. The functions of the Nigam shall be to plan, promote, undertake, organise, execute and implement programmes for the development of livestock and poultry in the State of Madhya Pradesh and in particular to— (a) establish, maintain and run livestock farms and poultry farms; (b) promote and undertake training, research and extension work in the field of livestock and poultry development; (c) assist in the production and distribution of fodder and feed and to provide technical assistance; (d) to promote and undertake marketing and processing of livestock and poultry products. (1) The Nigam may with the previous approval of the State Government, issue and sell bonds and debentures carrying interest: Provided that without the approval of the State Government the total amount of bond and debentures issued and outstanding and of the other borrowing of the Nigam shall not at any time exceed four times the amount of the capital provided by the State Government under section 5. (2) The Nigam may, for the purpose of carrying out its functions under this Act: (a) borrow money from the Central Government or the State Government and from any other authority or organisation or institution approved by the State Government, on such terms and conditions as may be agreed upon; and (b) accept from the Central Government, State Government, a Scheduled Bank or any person, deposits repayable after the expiry of a period which shall not be less than twelve months from the date of making the deposit and on such other terms as the Nigam may, with the prior approval of the State Government, fix. (3) The bonds and debentures of the Nigam issued under sub-section (1) and the loans and deposits raised by the Nigam under clauses (a) and (b) of sub-section (2) may be guaranteed by the State Government as to repayment of principal and the payment of interest at such rate as may be fixed by the State Government on the recommendation of the Board of Directors of the Nigam at the time the bonds or debentures are issued.