Amendment status not verified — confirm the current text below against the official source.
POWER OF MUNICIPALITY TO CONSOLIDATE LOANS.— (1) Notwithstanding anything to the contrary contained in this Chapter the Municipality may consolidate all or any of its loans and for the purpose may invite tenders for a new loan (to be called the Municipal consolidated loan 19....) and invite the holders of Municipal debentures to exchange their debentures for scrip of such loan. (2) The term of any such consolidated loan and the form of its scrip and the rates at which exchange into such consolidated loan shall be permitted shall be subject to the prior approval of the Government. 76