Amendment status not verified — confirm the current text below against the official source.
(1) The Corporation may, with the previous approval of the State Government, borrow money in the open market or otherwise for the purpose of raising its working capital. (2) Money borrowed under sub-section (1) by the Corpora- tion shall be guaranteed by the State Government as to the repayment of the principal and the payment of interest at such rate not being less than four per cent. per annumr, as the State Government may, on the recommendation of the Corporation, fix at the time the money is borrowed.