Amendment status not verified — confirm the current text below against the official source.
(1) Notwithstanding anything contained in sections 149, 151 and 152 the Corporation may, with the previous sanction of the Government, and for the purpose of discharging any liability take from any bank or banks credit on a cash account to be opened and kept with such bank or banks in the name of the Corporation, for a sum not exceeding in the aggregate rupees fifteen lakhs on the security of all or any of the taxes which the Corporation are authorised to levy for the purposes of this Act. (2) The Corporation may, also with the previous sanction of the Government and subject to the provisions of this Act, mortgage any lands or property vesting or revesting or belonging to the Corporation in security of the payment of the amount of such creditor of the sums advanced from time to time on such cash account with interest thereon.