Power of Planning Authority to Borrow Money for Development Plan Or for Making Or Executing Town Planning Scheme.

(1) A Planning Authority may, for the purpose of a Development plan or the making or execution of a town planning scheme, borrow loans in accordance with the provisions of the Act under which that Authority is constituted or if such Act does not contain any provision for such borrowing, in accordance with the Local Authorities Loans Act, 1914(IX of 1914.).

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(2) Any expenses incurred by a Planning Authority or the State Government under this Act or in connection with a Development plan or a town planning scheme may be defrayed out of the funds of the Planning Authority.