AMC Act 61Chapter III · Finance

Section 61 · Power of the Corporation to raise loan

The Corporation may, by a resolution passed at a meeting, from time to time raise a loan, by the issue of debentures or otherwise on the security of the [property tax] [Words substituted by W.B. Act 17 of 1995.] or of all or any of the taxes, fees and dues under this Act, or on the guarantee by the State Government, of any sum of money which may be required-

(a)

for the construction of works under this Act, or

(b)

for the acquisition of land or building for the purpose of this Act, or

(c)

to pay off any debt due to the State Government, or

(d)

to repay a loan raised under this Act, or

(e)

for the acquisition of a public utility concern which renders such services as the Corporation is authorised to render under this Act, or

(f)

for the purchase of vehicles, locomotive engines, boilers, plants and machineries necessary for carrying out the purposes of this Act, or

(g)

for any other purpose for which the Corporation is authorised to borrow by or under this Act or any other law in force for the time being:

Provided that no loan shall be raised without the previous sanction of the State Government and that the terms and conditions (including the period) of repayment of the loan shall be subject to the approval of the State Government.

Your private note on this section

Only you can see this note.