Amendment status not verified — confirm the current text below against the official source.
Power oj Authorzty to borrow.- (I) Notwithstanding anything contain- ed in any law for the tim~ being in Ioree under which any local body is constituted, the Authority shall With eff.:ct hom the date of its establish- ment be the only loc.1l ·authonty autl-tonsed to borrow any sum of mony for water supply and sewerage works. (2) Without prejudice tl the provisiOns of st:tb-secrion (1), the Authonty may, from time to time, with the previous sanction of the Government and subject to the provisions of this Act and to sucb conditions as the Government may, by general or special order, determme, borrow any sum required for the purposes of thts Act whether by the Issue of bonds or stock or otherwise or by makmg arrangement With Bank, other bodies of institutions approved by the Government in that behalf. (3) Stocks issued by she Authonty under this sect1on ~hall be i~sued, transferred, dealt with and redeemed in such manner as the Government may, by general or special order, direct. r • ~i , A \ I • B9 ' I