Section 79State of Assam Act
Section 79: Powers to borrow money
Powers to borrow money.
(1)
The Guwahati Metropolitan Development Authority constituted under this Act shall be deemed to be a local authority as detained in the Local Authorities Loans Act, 1914 (Central Act, In of 1914) for the purpose of borrowing money under that Act, and the making and execution of a plan and scheme shall be deemed to be a work which such local authority is legally authorised to carry on.(2)
The Authority may, from time to time, borrow money by way of loans or debenture from such sources issue debenture at such rate of interest and for such period and upon terms, as the State Government may approve, any sum of money required for carrying out the purposes of this Act or servicing any loan obtained by it.Disclaimer: This section is reproduced for general informational and reference purposes only. Always verify against the latest official gazette and consult a qualified advocate before relying on any provision.