Amendment status not verified — confirm the current text below against the official source.
Power to borrow :– (1) A Market Committee may, with the previous sanction of the State Government, raise money required lot carrying out the purposes for which it is established on the security of any property vested in it and of any fees leviable by it under this Act. 1[(2) The Market Committee may, for the purpose of meeting the initial expenditure on land, buildings and equipment required for establishing a market, obtain a loan from the State Government or the State Bank of India constituted under the state Bank of India Act, 1955 (23 of 1955) or any Subsidiary Bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (33 of 1959) or a Bank specified in Column 2 of the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) or and corporate body including a company as defined in Section 3 of the Companies Act, 1956 (1 of 1956) in which not less than fifty-one per cent of the paid up share capital is held by the Central Government or the State Government or partly by the Central Government and partly by the State Government.]