Amendment status not verified — confirm the current text below against the official source.
POWER OF MUNICIPALITY TO BORROW MONEY.— (1) The Municipality may in pursuance of any resolution passed at a special meeting of the Council borrow by way of debenture or otherwise on the security of al] or any of the taxes, duties, fees, 74[service charges] and dues authorised by or under this Act, any sums of money which may be required,- (a) for the construction of works; or (b) for acquisition of lands and buildings; or (c) for slum clearance and construction of tenements; or (d) to pay off any debt due to the Government; or (e) to repay a loan raised by the Municipality; or (f) for town improvement Schemes; or (g) for any public utility Schemes maintained or proposed to be maintained by the Municipality: 73 74