State Act

THE KERALA INDUSTRIAL INFRASTRUCTURE DEVELOPMENT ACT, 1993

15. Power of Corporation to borrow.— (1) The Corporation may, subject to such conditions as may be prescribed in this behalf, borrow money required for carrying out the purposes of this Act from the public or otherwise or from any Corporation owned or controlled by the Central or State Governments or from any other financial institutions. (2) All moneys borrowed under sub-section (1) may, if required, be guaranteed by the Government as to the repayment of principal and the payment of interest at such rates and on such conditions as the Government may determine at the time the moneys are borrowed. Explanation.— The expression “to borrow money” with all its grammatical variations and cognate expressions includes acceptance of deposits not being deposits accepted under section 16, from the public for a specified period and payment of interest thereon to the depositors at specified rates.