Amendment status not verified — confirm the current text below against the official source.
Power of Panchayat to borrow money.-Subject to the restriction contained in any enactment for the time being in force relating to raising of loans by local authorities a Panchayat may. with the previous sanction of the State Government raise a loan for carrying out the purposes of this Act: Provided that nothing contained in the Local Authorities Loans Act. 1914'(No. 2 of 1914) or the Madhya Bharat LocaiAuthorities Loans Act Samvat. 2007 (1950) (No. 64 of 1950) and rules made under the aforesaid enactment shall apply in respect of loan taken from the Government or any other authority constituted under any law for the time being in force and which is in receipt of a grant from the State Government. Rules:- The State Government has made the followingrules in exercise of the powers conferred by this section. These Rules shall be found under Rulesgivensepatately," . .. -.. c , cc.-., .. c, ..c - "PanchayaJ (Lo.ans from Qovernment or F,in,anc_iQ-.lJns(itutiof.1,s)}lulf?$J _ 1999" .