Amendment status not verified — confirm the current text below against the official source.
Power to borrow.- (1) The Board may, for the purposes of carrying out all of its functions for which it is established, obtain a loan from the Government subject to such conditions, as the Government may specify. (2) The Board may, with the previous approval of the Government, raise moneys required for carrying out the functions for which it is established on the security of any property vested in, or belonging to, the Board and of any moneys received by the Bard by or under this Act or on the guarantee given by the Government and in particular, may from time to time. (a) borrow money from the public or from any bank or from any corporation owned or controlled by the Central or state Government; or (b) enter into financial arrangements with any bank or other financial institution or with the Life Insurance Corporation of India established under section 3 of the Life Insurance Corporation Act, 1956 (Central Act 31 of 1956).