Amendment status not verified — confirm the current text below against the official source.
A committee may, with the previous approval of the State Government, borrow, on the security of any immovable property vested in the committee or proposed to be acquired by it under this Act, any moneys for carrying out the purposes of this Act or for servicing any loan obtained by it, at such rates and on such conditions as the State Government may determine at the time the moneys are borrowed.