Amendment status not verified — confirm the current text below against the official source.
Power of Board to borrow.— 1[(1)The Board shall not borrow any loan without the prior approval of the State Government.] 1 (2) Rules made by the State Government for the purposes of this section may empower the Board to borrow by the issue of bonds or stocks or otherwise and to make arrangements with bankers. (3) The maximum amount which the Board may at any time have on loan under sub- section (1) shall be ten crores of rupees, unless the State Government by notification fixes a higher maximum amount. 19 (4) Stock issued by the Board under this section shall be issued, transferred, dealt with and redeemed in such manner as may be prescribed by rules.