section 43
Power to borrow
The Meghalaya State Agricultural Produce and Livestock Marketing (Promotion and Facilitation) (Amendment) Act, 2022General2022140 sections12 chapters
Chapter IV CONDUCT OF BUSINESS AND POWERS AND DUTIES OF CHAIRMAN, SECRETARY AND MARKET COMMITTEE
Statutory text
- (1) The Market Committee may, with the previous sanction of the Managing Director, raise money from banks, financial institutions or issue debentures required for carrying out the purpose for which it is established on the security of any property vested in it and of any fees or user charge leviable by it under this Act.
- (2) The Market Committee may, for the purpose of meeting the initial expenditure on lands, building, staff and equipments required for establishing the market, obtain a loan from the State Government or State Agricultural Marketing Board or other financial institution.
- (3) The conditions subject to which money or loan under sub-section (2) shall be raised or obtained and the time within which the same shall be repayable shall be subject to the previous sanction of the State Government or Director or Managing Director.
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