Power to borrow

General196144 of 44 sections available

Statutory text

(1) A committee may, with the previous sanction of the 1[… ] Board, raise the money, required for carrying on the purposes for which it is established on the security of any property vested in and belonging to the committee and of any fees leviable by it under this Act.
(2) A committee may, for the purposes of meeting the initial expenditure on lands, buildings and equipment required for establishing the market, for the proper discharge of the duties and functions imposed on it by or under this Act, or for the purpose of development activities and extension of market obtain a loan from the State Government or the Board on such conditions and subject to such rules as may be prescribed.
(3) A committee may, with the previous approval of the 2[.......] Board, obtain loans from other committees on such conditions and subject to such rules as may be prescribed. 3[32-A.Power to borrow by the Board The Board may, with the previous sanction of the State Government, raise loans from the State Government banks or other financial institutions on such terms and conditions, as may be mutually agreed upon for carrying on the purposes for which it is established].

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