Amendment status not verified — confirm the current text below against the official source.
(t) The Board may, from time to time, with the previous sanction of the State Government and subject to ti. e provisions of this Act and to such conditions, as may he prescribed in this behalf, borrow any sum required for the purposes of the Act. Expenditure in case of urgency. Subve1tion and lo ms C8 the Bard. Expenditure of the State Govt. to be treated as Boan or granfi to the Board. Power of Board ta borrow. Account and audit . Concurrent and speciat audits of accounts. 28 (2) The rules made by the State Government for the purposes of this section may empower the Boatti to borrow by the issue of debentures and to make arrangements with bankers. (3) A11 debentures issued by the Board shall be: in such form as the Board, with the sanction of the. State Government, may from time to time determine- (4) Every debenture shall be signed by the Chairman and one other member of the Board. (5) Loans borrowed and debentures issued under" this section may be guaranteed by the State Government as to the repayment of principal and the payment of" interest at such rate as may be fixed by the State Government.