Power of the Board to take temporary loans or overdrafts

Notwithstanding anything contained in this Act, the Board may,— (a) borrow money by means of temporary overdraft or otherwise by placing the securities held by the Board in its reserve funds or on security of the fixed deposits of the Board in its banks; (b) obtain advances from such bank on pledge or hypothecation of its current assets : Provided that, such temporary overdrafts or other loans shall not at any time have a currency longer than six months and shall not be taken, without the prior approval of the State Government, if, the amount of such overdrafts, or other loans exceeds such amount, as the State Government may prescribe: Provided further that, all monies so borrowed by overdrafts or otherwise shall be expended for the purpose of this Act.