Section 163: Money borrowed for advancing loans not to be utilised for other purposes

Sec 163A — [ Assistance for obtaining loans from banks or finance institutions. - (1) In order to enable the Authority to carry out any of its proposals, plans, schemes or projects, the Authority may, on receipt of an application to that effect, assist co-operative housing societies or members thereof or individual allottees, as the case may be, in obtaining loans from a Co-operative Bank or a scheduled Bank or from a finance institution for the purposes of purchase of any land developed by the Authority, or of purchase of any building or a tenement therein constructed by the Authority or of construction of houses on land developed by the Authority or for improvement, renovation or carrying out any extension to any house or but constructed on any authority premises or provision of any common amenities or facilities to the members of co-operative societies