Subventions and loans to Board.

Corporate196046 sections5 chapters

Statutory text

(1) The State Government may, from time to time, make subventions and grants to 1[the Board] for the purposes of this Act on such terms and conditions as the State Government may determine in each case.
(2) 2[The Board] may, from time to time, with the previous sanction of the State Government and subject to the provisions of this Act and such conditions as the State Government may determine, borrow any sum required for the purposes of this Act : 3[Provided that, no such previous sanction shall be necessary where the sum (not exceeding 4[one crore of rupees]) is to be borrowed from the Commission and is required-
- (a) for the purpose of implementing any khadi or village industries scheme, or
- (b) for advancing by way of loan to any Individual, body or association or institution whether incorporated or not, for implementing any such scheme.]

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