Amendment status not verified — confirm the current text below against the official source.
(1) Notwithstanding anything contained in this Acl. the Corporation may consolidate all or any of its loans or part (hereof and for thai purpose may invite tenders Tor a new loan (to be called "lhe '[Kolkata] Municipal Consolidated Loan, 19/20 ..................... ") and may invite holders of municipal debentures to exchange ihcir debentures for scrip of such loan. 642 The Kolkaia Municipal Corporation Acl, 1980. [West Ben. Act PriciriLy t)l payments lor inii;n:5l unit repayment of loans over other p ay i nun I.s Establish- ment and in aim en mice oT.Sinking Hun Js for louny power [a iJisconimnt pay men l toward Sinking Fund. {Port HI.—Finance.—Chapter X.—Loans.— Sec lions 144-146.) (2) The terms of any such consolidated loan, and the rales m which l he exchange of debenture as aforesaid shall be perm i lied, shall be subject io the previous approval oflhe Slate Government. (3) The period for (he extinction of any such consolidalcd loan shall not. without llie sanction of lhc Stale Government, extend beyond the furthest dale within which any of the loans to be consolidated would otherwise be repayable, (4) The Corporalion shall provide for the repayment of any such consolidated loan by establishing a Sinking Fund for such loan. (5) the provisionsorseciions I45and 146shall apply toenchSinking Fund established under sub-seciion (4) of ihis scclion: Provided thai in calculating lhc sum to be paid lo lhc credit of any such Sinking Fund in pursuance of scclion 145, any sums transferred lo such fund shall be taken inLo account.