Amendment status not verified — confirm the current text below against the official source.
(1) The State Government may, with prior con· State Government sultation with the Board, at any time, declare that any to be treated as d"t · d b · d d" · 't' t d loan or grant to expen i ure mcurre y it an any procee mg mi ia e the Board. by it, either before or after the constitution of the Board, shall be expenditure incurred or proceedings initiated, on behalf of the Board and upon such decla- ration, amount equivalent to such expenditure shall be deemed to have been given by the Government to the Board as loan with effect from such date as the State Government may appoint, provided that the State Government may g~ve such amount as grant to the Board instead of as loan. (2) On a declaration being made under sub-section (a) above, such assets and liabilities as may have been created or as may have accrued as a result of the ex·- penditure in respect of which a declaration have been made under sub-section (4), shall vest in the Board. Power of Board,