Power of Board to Borrow

Infrastructure197063 sections5 chapters

Chapter IV Finance, Accounts and Audit

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 or the Life Insurance Corporation of India.
(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 Chairman and one other member of the Board.
(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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