Amendment status not verified — confirm the current text below against the official source.
Borrowing powers of local authortttes.—(1) A local authonity may, subject to the prescribed conditions, borrow money from the Government or with the previous sanction of the Government from any other person, on the security of its funds or any portion thereof, for any of the following purposes, namely :— (2) the carrying oyt of any work which it is legally authorised to carry out, (w) the giving of i:elief and the establishment and main- tenance of relief works in times of famine, scarcity,} epidemic or flood; ! (2) the prevention of the outbreak or spread of any —-——-—— Sh dangerous epidemic disease; , (tv) any measures which may be connected with or ancillary to any purposes specified in clauses (11) and (iii); (v) the repayment of money previously borrowed in accordance with law: o Provided that no portion of the money so borrowed shall be applied to any purpose othe: than that for which it was borrowed. (vt) any other purpose which the Government may specify. (2) (2) The time for the repayment of any money borrowed under this section shall in no case exceed sixty years. (6) The time for the repayment of any money borrowed before the commencement of this Act shall not, except with the express sanction of the Government, extend beyond the period of sixty years. St -~ (c) The time for the repayment of any money borrowed for > the purpose of discharging any previous loan shall’ not, except with the express sanction of the Government, extend beyond the unexpired portion of the period . a" +: . for which such previous loan was raised.SHe ' 2 Co 1 Nothing in this section: shall bédeemed to authorise any: Nes avthoritv.to. borrow_or spend money for\any purpose ‘for~ which, Pad ‘Ss a The borrowing tome - wo. Zo to~ pa ocr . . Government intelotns i era loca] authority shall be © the annual income of that local’ Oe ction shall affect the issuance of by pledging the revenue stream *, Ww accounts and credit cnhangg, - ’ ~~ . ' 4 » “4 { : N oe ~~ ava 178 4, Remedy by attachment ifloan not repaid.—If any money borrowed in accordance with the provisions of this Act, or any interest or. costs due in respect thereof, 1s or are not repaid according to the conditions of the loan, the Government if itself the lender, may, and _if the Govern- ment is not the lender shalf on the application of the lender attach the funds on the security of which the loan was made. After such attach- ment, no person, except an officer appointed in this behalf by the Government, shall in any way deal with the attached funds, but such officer may do all acts im respect thereof which the borrowers might have done if such attachment had not taken place and may apply the proceeds in satisfaction of the loan and of all interests and costs due in respect thereof and of all expenses caused by the attachment and subsequent proceedings: Provided that no such attachment shall defeat or prejudice any debt for which the funds attached were previously pledged in accor- dance with law; but alt such pnior charges shall be paid out of the proceeds of the funds before any part of the proceeds 1s applied to the satisfaction of the liability in respect of which such attachment is made.