State Act

The Mumbai Municipal Corporation Act.

354WB. Power of Commissioner to promote and assist housing associations.— (1) The Commissioner, for the purpose of section 354RM may, with the previous approval of the 3[Improvements Committee] promote the formation or extension of or, subject to the provisions of this Act assist a housing association, as hereafter defined. (2) Where a housing association is desirous of erecting dwellings for the poorer classes, the Commissioner may, for this purpose with the previous approval of the 4[Improvements Committee] acquire land with a view to selling or leasing it to the association and the provisions of section 354RO as to the acquisition of land by the Commissioner shall apply accordingly. (3) The Commissioner may, for the assistance of a housing association, with the previous approval of the 5[Improvements Committee], make grants or loans to the association on such terms and subject to such conditions as to rate of interest and repayment or otherwise and on such security as the 6[Improvements Committee] may think fit. (4) For the purposes of this section, “housing association” means a society including a Co-operative Housing Society, body of trustees or company established for the purpose of, or amongst whose objects or powers are included those of, constructing, improving or managing or facilitating or encouraging the construction or improvement of, houses for the poorer classes, being a society, body of trustees or company who do not trade for profit.