Amendment status not verified — confirm the current text below against the official source.
(1) The Corporation may, in pursuance of any resolution passed by it and with the prior approval of the State Government borrow by way of debentures or otherwise sums of money which may be required— (a) for acquiring any land which it has power to acquire ; (b) for erecting any building which it has power to erect; (e) for the execution of any permanent work, the provision of any plant, or the doing of any other thing, which it has power to execute, provide or de; 92 (d) to pay off any debt due to the Government; (it) to repay a loan previously raised under this .Act or any other Act previously m force ; or (1) for any other purpose for which the Cor poration is, by virtue of this Act or any other law for the time being in force, authorised to borrow. (2) When any sum of money has been borrowed under sub section (1) no portion of any sum of money borrowed for any of the purposes referred to in sub section (1) shall be applied to the pay merit of salaries and allowances to any municipal employee other than those exclusively employed in connection with the carrying out of that purpose. Form and effect of de bentures.