Amendment status not verified — confirm the current text below against the official source.
Subject to the prior apprcval of the State Government, the Authority shall have the power of borrowing money, and it shalt be deemed 10 be local authoritv as defined in the local Authorities Loans An, 1914 for the purpose of b,Hroiwng money under that Act, and the making, and execution of a Plan and Scheme shall be deemed to be a work which such local authority is legall) authorised to carry out. l [··provided that the state Government may guarantee the repayment of the principal and the payment of the interest thereof in respect of Joans borrowed by the Authority from the Life Insurance Cor porativn of India and other financial institutions, with the prior approYal of the State GJvernment for the e,ecution of a plan and a Scheme'"]