Amendment status not verified — confirm the current text below against the official source.
(1) The Corporation may borrow money from the State Government for carrying out of the purposes of this Act, other than those referred to in section 61, on such terms and conditions as the State Government may determine. (2) If any money borrowed by the Corporation from the State Government before the commencement of this Act or under sub- section (1) is not repaid, or any interest due in respect thereof is not paid, according to the terms and conditions of such borrowing, the State Government may attach the Municipal Fund or any portion thereof. 304 The Howrah Municipal Corporation Act, 1980. LVIII of 1980.] (Part 11L—Finance.—Chapter va—The Municipal Fund, Budget, Loans, Accounts and Audit—Sections 72-75.) (3) After such attachment no person other than an officer appointed in this behalf by the State Government shall in any way deal with the attached Fund or portion thereof. Such officer may do all acts in respect thereof which any municipal authority or an officer or employee of the Corporation might have done under this Act if such attachment had not taken place, and may apply such fund or portion thereof for payment of the arrear and the interest due in respect of such borrowing and of all expenses on account of the attachment and subsequent proceedings: Provided that no such attachment shall defeat or prejudice any debt for which the fund attached was previously charged under any law in force for the time being and all such prior charges shall be paid out of the fund before any part thereof is applied for repayment of the borrowing under sub-section (I) any payment of interest accruing thereon.