Amendment status not verified — confirm the current text below against the official source.
Power to borrow. (1) The Market Committee may. with the previous sanction of the Managing Director, raise money from banks and financial institutions, or issue debentures required for carrying out the purpose for Nvhich it is established on the securit of any property vested unit and of any fee user charge levyable by it under this Act. (2) The Market Committee may, for the purpose of meeting the initial expenditure on lands, building, staff and equipments required for establishing the market, obtain a loan from the (iovernmentIAdministration or State Agricultural Produce and Livestock Marketing Board or other financial institution. (3) The conditions subject to which money or loan under sub-section (2) shall be raised or obtained and the time within which the same shall be repayable shall be subject to the previous sanction of the State Government or the Board,