Power of Board to borrow

General196168 sections8 chapters

Chapter VI-A SLUM CLEARANCE BOARD

Statutory text

(1) The Board may, from time to time, with the previous sanction of the State Government and subject to the provisions of this Act and to such conditions as may be prescribed in this behalf, borrow any sum required for the purposes of this Act.
(2) The rules made by the State Government for the purposes of this section may empower the Board to borrow by the issue of debentures and to make arrangements with bankers.
(3) All debentures issued by the Board shall be in such form as the Board, with the sanction of the State Government, may, from time to time, determine.
(4) Every debenture shall be signed by the Chief Administrator and one other member.
(5) Loans borrowed and debentures issued under this section may be guaranteed by the State Government as to the repayment of principal and the payment of interest at such rate as may be fixed by the State Government.

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