Amendment status not verified — confirm the current text below against the official source.
The debentures issued and other loans incurred with an original maturity of more than one year by the municipal corporations, municipalities and the Board of Trustees for the improvement of Howrah for acquiring or constructing the pro- perties and assets vested in the Authority under this Chapter and remaining unpaid on the date of vesting shall continue to be the liabilities of the respective municipal corporations, muni- cipalities and the Board of Trustees, but the Authority shall pay annually to' each such municipal corporation or municipality or to the Board of Trustees the amount payable by it on account of interest and repayment of surh debentures and other loans.: Provided, however, that with respect to the first of such pay- ment to each municipal corporation or municipality or to the Board of Trustees, the amount payable by the Authority pursuant to this section shall be calculated as from the date of vesting.