Power of Municipality to open credit account with bank.

Notwithstanding anything contained in section 67, the Municipality may, instead of raising a loan under that section, take, on such terms as may be approved by the State Government, credit from any nationalized bank, to be kept in a cash account bearing the name of the Municipality to the extent of such credit and, with the sanction of the State Government, may grant mortgage of all or any of the properties vested in the Municipality by way of securing the repayment of the amount of such credit or of the sums advanced from time to time on such cash account with interest.