Amendment status not verified — confirm the current text below against the official source.
(1) The Board may, from time to time, with the to borrow. previous sanction of the State Government and subject to the provisions of this Act and to such conditions, as 0 may be prescribed in this behalf, borrow any sum re- quired for the purposes of the Act. (2) The rules made by the State Government for the purposes of this section may empower the Board to borrow by the issue of debentures and to make ar- rangements with bankers. (3) All debentures issued by the Board shall be in such form as the Board, with the sanction of the State Government, may from time to time determine. Account and audit. Concu11 ent and special audits of accounts. 31 ( 4) Every debenture shall be signed by the Chair- man and one other member of the Board. (5) Loans borrowed and debentures issued under this section may be guaranteed by the State Govern- ment as to the repayment of principal and the pay- ment of iinterest at such rate as may be fixed by the State Government.