Advance loans by Authority

The Authority may advance loans for the purposes of purchase of any land developed by the Authority, or of purchase, on such terms as the Authority may, with the approval of the State Government, determine, of any building or tenement therein constructed by the Authority, or of construction of houses on land developed by the Authority, or of improvement, renovation or carrying out any extension to any house or hut constructed on any Authority premises to,— (i) co-operative societies ; (ii) societies registered under the Societies Registration Act, 1860 (XXI of 1860) ; (iii) public trusts registered under the Bombay Public Trusts Act, 1950 (XXIX of 1950) ; (iv) local authorities ; (v) companies or occupiers of factories, registered under any law for the time being in force, for housing the employees of the company or workers of factories; or (vi) any individual.