Amendment status not verified — confirm the current text below against the official source.
Mortgage of taxes or immovable property.— (1) The corporation may borrow or re-borrow any such sum as aforesaid from any person other than 7[the Central or the 8[State] Government], on the security of any immovable property belonging to them or proposed to be acquired by them under this Act or of all the taxes or of any tax which they are authorised to levy for the purposes of this Act 9[or of the Bombay Electric Supply and Transport Undertaking] or of all or any of those securities. (2) And for the purpose of securing the repayment of any sum so borrowed, with interest thereon, they may mortgage to the person by or on behalf of whom such sum is advanced any such immovable property or tax 10[or the said undertaking].