Amendment status not verified — confirm the current text below against the official source.
Annual statement to be prepared by Commissioner.- (1) The Commissioner shall at the end of each year prepare a statement showing— (a) the amount and date of borrowing of loans raised by the Corporation which are outstanding and the annual loan charges; (b) in the case of every loan for which a sinking fund has been established under section 114, the accumulation in the sinking fund at the close of the year, showing separately the amount paid to the credit of the fund in the year; (c) the loans repaid during the year and in the case of loans repaid in installments or by annual drawings, the amounts repaid during the year and the balance due at the close of the year; (d) the particulars of securities in which the sinking fund have been invested or which have been reserved for the investment of these funds. (2) Every such statement shall be laid before a meeting of the Corporation and a copy of such statement shall be sent to the Government. 124.Application of law relating to loans by local authorities.- The provisions of the law relating to loans by local authorities in force in the region in which the Municipality is situate shall apply to all loans borrowed by such Municipality so far as the said provisions are not inconsistent with the provisions of this Act. Madhya Pradesh Municipal Corporation Act, 1956 60 | P a g e Chapter - X AUDIT AND ACCOUNTS