section 33
Power of Corporation to borrow.
The Vidarbha Irrigation Development Corporation Act, 1997Infrastructure199771 sections7 chapters
Chapter VI FINANCE, ACCOUNTS AND AUDIT
Statutory text
- (1) The Corporation may, subject to such conditions as may be prescribed in this behalf, borrow money from the financial institutions or non-resident Indians or from the open market by issue of guaranteed or un-guaranteed bonds, debentures, stocks, cash certificates, fixed deposit receipts and otherwise, for the purpose of providing itself with adequate resources.
- (2) The maximum amount which the Corporation may at any time have on loan under sub-section (1) shall not exceed rupees one thousand crores, unless the State Government fixes a higher maximum limit for this purpose.
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