Amendment status not verified — confirm the current text below against the official source.
Power of Corporation to borrow.— (1) The Corporation may, subject to such conditions as may be prescribed in this behalf, borrow money from the financial institutions or nonresident Indians or from the open market by issue of guaranteed or -10- un-guaranteed bonds, debentures, stocks, cash certificates, fixed deposit receipts and otherwise, for the purpose of providing itself with adequate resources. (2) The maximum amount which the Corporation may at any time have on loan under sub- section (1) shall not exceed Rupees 90 crores, unless the State Government fixes a higher maximum limit for this purpose.