Amendment status not verified — confirm the current text below against the official source.
Amendment of Section 12. In section 12 of the Nagaland Village, Area and Regional Councils Act, 1970 the following clauses shall be added after : clause (3) “(4) to borrow money from the Government, banks or financial institutions for application in the development and welfare works of the Village, and to repay the same with or without interest as the case may be; (5) to apply for and receive grant-in-aid, donations, subsidies from the Government or any agencies; (6) to provide security for due repayment of loan received by any permanent resident of the village from the Government, bank or financial institution; (7) to lend money from its funds to deserving permanent residents of the village and to obtain repayment thereof with or without interest; (8) to forfeit the security of the individual borrower on his default in repayment of loan advanced to him or on his commission of a breach of any of the terms of loan agreement entered into by him with the Councils and to dispose of such security by public auction or by private sale; (9) to enter into any loan agreement with the Government, bank, financial institutions or a permanent resident of the village”.