Section 36State of Maharashtra Act
Section 36: Power of Authority to borrow
Power of Authority to borrow.
(1)
The Authority may, from time to time with the previous sanction of the State Government and subject to the provisions of this Act and to such conditions as may be prescribed in this behalf, borrow any sum required for the purpose of this Act.(2)
The rules made by the State Government for the purposes of this section may empower the Authority to borrow by the issue of debentures and to make arrangements with bankers.(3)
All debentures issued by the Authority shall be in such form as the Authority with the sanction of the State Government, may, from time to time, determine.(4)
Every debenture shall be signed by the President and one other member of the Authority as the Authority may by order specify in this behalf.(5)
Loans borrowed and debentures issued under this section may be guaranteed by the State Government as to the repayment of principle and the payment of interest at such rate as may be fixed by the State Government.Previous
Sec 35 — Deposit of money in fund and operation thereof
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