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 carrying out any of its functions under this Act. (2) The money borrowed by the Corporation under sub-section (1) 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 annum, as the State Government may, on the recommendations of the Corporation, fix at the time the money is borrowed.