Amendment status not verified — confirm the current text below against the official source.
Subject to the provisions of this Act and subject to such conditions and limitations as may be prescribed by rules and with the previous approval of the Government, the Board may, -- (a) borrow money required for the purposes of this Act, from the public or from any corporation owned or controlled by the Government; (b) take credit from any Bank or any corporation owned or controlled by the Government on a cash account to be kept in the name of the Board and mortgage all or any of the properties vested in the Board by way of security for such credit; (c) for the promotion and execution of any housing or improvement schemes under this Act, enter into any financial arrangements with any Bank or other financial institutions approved by the Government or with the Life Insurance Corporation of India established under section 3 of the Life Insurance Corporation Act, 1956 (Central Act 31 of 1956); (d) grant loans and advances out of its funds on such terms and conditions as it may determine, to any co-operative society registered or deemed to be registered under the law relating to co-operative societies for the time being in force in the Union territory or to any other person for the construction of houses. 121 Issue of debentures