Amendment status not verified — confirm the current text below against the official source.
Power of Council to borrow money.- Subject to the restrictions contained in any enactment relating to raising of loans by local authorities for the time being in force a Council may, in pursuance of a resolution passed at a special meeting convened for the purpose, raise a loan of any moneys required for carrying out the purpose of this Act: Provided that- (i) no loan shall be raised without the previous sanction of the State Government ; and (ii) the terms upon, the period within and the method by which the loan is to be raised and repaid, shall be subject to the approval of the State Government.