Amendment status not verified — confirm the current text below against the official source.
Power of the Corporation to readjust income and expenditure during the year. 77ie Kolkata Municipal Corporation Act, J 980. [West Ben. Acl CHAPTER X Loans Power of the Corporation ID raise loan. Limil Lo [he power of raising loan. Power of Ihe Corporal ion Lo open a credit account with a bank. Power of the Corporation lo raise short-term loans. Time for repayment of loan. Manner of repayment of loans. - Form and effect of debentures. Payment lo survivors of joint payees, Receipt by joint holder for interest or dvidend. Power or Ihe Corporation to consolidate loans. Priority of payments for interest and repayment of loans over other payments. Establishment and maintenance of Sinking Funds for loans. Power to discontinue payment toward Sinking Fund. Investment of [he amount at the credit of a Sinking Fund, Power of the Corporation lo reserve a portion of debentures, issued for raising loan. Tor investment. Discharge or the Corporation from liability under debentures in certain cases. Application of Sinking Funds. Annual statement by Municipal Commissioner. Annual examination of Sinking Funds. Power of the Corporation to borrow money from ihe Slate Government and attachment or Municipal Fund for recovery or such money. Attachment or Municipal Fund for securing payment inio Sinking Fund. CHAPTER XI Accounts and Audit Accounts lo be kept. Audit of accounts by the ChieF Municipal Auditor. Report by ihe Chief Municipal Auditor. Procedure lo be followed by Ihe Chief Municipal Auditor. Power of ihe Chief Municipal Auditor lo make queries, etc. and call for returns, etc. Appointment and powers of auditors. Report and information lo be furnished by auditors. etuic 134