Amendment status not verified — confirm the current text below against the official source.
(1) The Corporation may borrow or re-borrow any such sum as aforesaid from any person other than the Central or the State Government on the security of any immovable property belonging to them or proposed to be acquired by Powers to borrow from Central or State Government or other persons. Provisions applicable to any new loan contracted with Central or State Government. Mortgage of taxes or immovable property. 150 [Act No. II of 1956] them under this Act or of all the taxes or of any tax which they are authorised to levy for the purposes of this Act or of all or any of those securities. (2) And for the purpose of securing the repayment of any sum so borrowed, with interest thereon, they may mortgage to the person by or on behalf of whom such sum is advanced, any such immovable property or tax or the said undertaking.