Amendment status not verified — confirm the current text below against the official source.
All properties, Funds and all other assets of the Board shall be held and applied by it, subject to the provisions and for the purpose of this Act. The State Government may from time to time make subventions or advance to the Board for the purpose of this Act on such terms and conditions as the State Government may determine. \2) The Board may from time lo time, with the previous sanction of the Sate Government and subject to the provisions of this Act and to such conditions as may be prescribed in this behalf, borrow any sum required lor the purposes of this Act from the public or from any corporation owned or controlled by the central or any Government. Whenever the borrowing of any sum of money has been approved by the Government, the Board may, instead of borrowing such sum from or any part thereof from the public, take credit from Bank or financial institution owned or controlled by the central or any Government on cash-account to be kept in the name ofthe Board may the previous sanclion of the Government, mortgage all or any ol the properties vested in the Board as security lor such credit. (3) For the promotion and execution ol any Housing Scheme, the Board may, enter into financial institutions' arrangement with Life lnsurance Corporation of lndia (LlC), any Bank or olher financial institutions approved by the Government, subject to such conditions and limitations as may be prescribed and with the previous approval of the Government. (4) The Board may, out of ils funds, grant loans and advances on such terms and conditions as it may delermine, to any cooperative society registered under the Cooperative SocietyAct orto any other person for construclion of houses, subject to the provision ol this Act as may be prescribed. 221