Amendment status not verified — confirm the current text below against the official source.
Power of Board to take temporary loans or overdrafts - Notwithstanding anything contained in this Act, the Board may,- (1) borrow moneys by means of temporary overdraft or otherwise by placing the securities held by the Board in its reserve funds or on security of the fixed deposits of the Board in its banks; (2) obtain advances from such banks on pledge or by hypothecation of its current assets and mortgage of its fixed assets without the previous sanction of the Government: Provided that such temporary overdraft or other loans,- (a) shall not at any time have a longer currency than one year; and (b) all moneys so borrowed by overdrafts or otherwise shall be expended for the purpose of this Act.