State Guarantee to loans taken or given by Authority.

The State Government may guarantee repayment of the principal of, and interest on, any loan raised or given by the Metropolitan Authority or transferred to it, for the purposes of this Act, subject to such conditions as the State Government may think fit to impose : Provided that, the guarantee of repayment shall be applicable only to the cases where the loan is raised, given or transferred by the Authority with the prior approval of the State Government : Provided further that, the State Government shall not give guarantee for repayment of the principal of, and interest on, any loan raised or given by the Metropolitan Authority or transferred to it under section 24.