Power of Board to borrow and lend

Infrastructure197676 sections11 chapters

Chapter VIII Chapter VIII

Statutory text

(1) Subject to the provisions of this Act and the rules made thereunder and subject to such conditions as may be specified by the Government by its general or special order issued in this behalf by it and with its previous approval the Board may, from time to time, borrow money required for the purposes of this Act in one or more of the manners specified below:-
- (a) raising loans from any Bank or other financing institutions of the Life Insurance Corporation established under section 3 of the Life Insurance Corporation Act, 1956 (Central Act 31 of 1956); or
- (b) raising loans from any Corporation owned or controlled by the Central or the State Government ; or
- (c) raising loan from the public by issue of bonds, debentures of stocks or otherwise in the form and manner approved by the Government.
(2) The Board may on the request of a local authority, advance loan to it for the purpose of meeting the expenses in connection with the execution of a water supply and sewerage scheme under this Act, on such terms and conditions as it may think necessary or expedite for protecting its interest.

Study data processing for this section.

PDF: pending for this language.