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 the purposes of this Act, other than those referred to in section 71, 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 borrowed 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 giving an opportunity for conciliation. (3) After such attachment, no person, other than an officer appointed in this behalf by the State Government (hereinafter referred to in this section as the said officer), shall, in any way, deal with the Municipal Fund, or any portion thereof, attached under sub-section (2). The said officer may do all acts in respect thereof which any municipal authority or an officer or other employee of the Corporation might have done under this Act if such attachment had not taken place, and may apply such Municipal Fund or portion thereof, as the case may be, to the payment of the arrears 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 the recovery of which the Municipal Fund attached was previously charged under any law for the time being in force and all such prior debt shall be paid out of the Municipal Fund before any part thereof is applied to the repayment of borrowing under sub- section (1) and payment of interest accruing thereon. 52 THE KOLKATA GAZETTE, EXTRAORDINARY, MAY 29, 2008 [PART III The West Bengal Municipal Corporation Act, 2006. (Part III.—Finance.—Chapter VII.—Municipal Fund, Budget, Loans, Accounts and Audit.—Sections 82-87.) Report by Chief Auditor. Rules of internal audit. Appointment of auditors.