Amendment status not verified — confirm the current text below against the official source.
Power of Corporation to open credit or cash accounts with a bank.- (1) Notwithstanding anything contained in section 102 whenever the borrowing of any sum has been sanctioned under that section the Corporation may, instead of borrowing such sum or any part thereof from the public or any member thereof, take credit on such terms as may be sanctioned by the Government from any bank on a cash account to be kept in the name of the respective Corporation to the extent of such sum or part, and with the previous sanction of the Madhya Pradesh Municipal Corporation Act, 1956 53 | P a g e Government, may grant mortgages of all or any of the property vested in the Corporation by way of securing the repayment with interest of the amount of such credit or of the sums advanced from time to time on such cash account. (2) The provisions of sub-section (3) of section 102 shall apply to such sum or part.