Amendment status not verified — confirm the current text below against the official source.
Power of the Board to borrow and lend.- (1) Subject to the provisions of this Act and the rules made thereunder and subject to such conditions as may be specified by the Government by a general or a special order issued in this behalf and with its previous approval, the Board may, from time to time, borrow money required for the purposes of this Act by any one or more of the following methods, namely:- (a) raising loans from any bank or other financing institutions or the Life Insurance Corporation of India established under section 3 of the Life Insurance Corporation Act, 1956 (Central Act 31 of 1956); or (b) raising loans from any corporation, owned or controlled by the Central Government or a State Government; or (c) raising loans from the public by issue of bonds or debentures or stocks or otherwise in the form and manner approved by the Government. (2) Subject to the provisions of this Act and to such conditions and limitations as may be prescribed, the Board may out of its funds grant loans and advances on such terms and conditions as it may determine, to any local authority for the provision, regulation or development of any scheme relating to water supply and drainage. 1[31A. Board’s power to levy rates etc.- The Board may, in respect of any water supply or sewerage undertaking vesting in it, levy rates, fees, rentals and other charges and may vary such rates, fees, rentals and other charges from time to time in order to provide sufficient revenue,- (a) to cover operating expenses, taxes and interest payments and to provide for adequate maintenance and depreciation; (b) to meet repayment of loans and other borrowings; (c) to finance normal year to year improvements; and (d) to provide for such other purposes beneficial to the promotion of water supply and sewerage.]1