Amendment status not verified — confirm the current text below against the official source.
Power of Board to borrow - (1) The Board may from time to time, with the previous sanction of the 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 Government for the purposes of this section may empower the Board to borrow by the issue of debentures 5[and to enter into financial arrangements with banks and other financial institutions including 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 Government may, from time to time, determine.