Power to borrow

(1) A market committee may, with the previous sanction of the State Government, raise money required for carrying out the purposes for which it is established on the security of any property vested in it and of any fees leviable by it under this Act. (2) A market committee may, for the purpose of meeting the initial expenditure on lands, buildings, equipments and manpower for establishing the market, obtain assistance or grants from the State Government and loan from the State Government or any financial institution. (3) The conditions subject to which such money or loan shall be raised or obtained and at the time which the same be repayable shall be subject to the previous sanction of the State Government.