Amendment status not verified — confirm the current text below against the official source.
(1) The Corporation may from lime lo lime hy a resolution in Power of ilic lhis behalf passed al a meeting of the Corporation raise a loan, by the issue of debentures or otherwise on the security of the '[properly lax] or of ali or any of llic taxes. surcharges, cesscs and fees and dues under lhis Acl or of boili llic '[properly lax] and all or any of lhe taxes, surcharges and cesscs and fees and dues under this Acl, or on the guarantee by the Stale Government, of any sum of money which may be required— (a) for the construction of works under this Act, or (b) Tor the acquisition of land or buildings for the purposes of lhis Acl. or (c) lo pay off any debt due Lo the State Government, or (d) to repay a loan raised under this Acl, or (e) for the acquisition or a puhlic utility conccrn which renders such services as the Corporation is authorised to render under this Act, or (0 for lhe purchase of vehicles, locomotive engines, boilers and machinery necessary for carrying out the purposes of this Acl, or (g) for any other purposes for which lhe Corporation is, hy or under this Acl or any other law in force for the time being, , authorised to borrow: Provided lhal— ■ (i) no loan shall be raised without the previous sanction of the Stale Government; and (ii) the rale of interest to he paid for such loan and lhe terms and conditions (including the period) of repayment thereof shall be subject io lhe approval of the State Government: xSet* fooi-num 2 un png£ 63X ritttf. 640 "i Ji J The Kolkaia Municipal Corporalion Acl, 1980. [West Ben. Act Limn io ihe pDU'UI of raising kw. Power ofilii: Curporauaii lo open ;i crcthl ai^uajit wiih abank. (Part III.— I'inaitcc.—Chapter X.— Loans.— Sections 135-137.) Prov ided f urther lliai any loan may be taken from the State Government or [lie '[Kolkata] Metropolitan Development Authority in addition to the loans as aforesaid, (2) When any loan has been raised under sub-section (1 J,— (i) no portion thereof shall, without lhe previous sanction or the Stale Government, be applied to any purpose other than that for which it has been raised, and (ii) no portion of any loan raised for the purpose referred to in clausc (a) of thai sub-section shall be applied lu the paymcni of salaries or allowances to any officers or employees of the Corporalion other lhan those who are exclusively employed for the construction of lhe work for which the loan was raised. Explanation.—The expression "dues under this Act" in suh-section {1} shall, for the purpose of clausc (e) of sub-section (1), be deemed to include the income derivable from the public uiility concern referred to in thaL clausc.