State Act
155
Section 155. power of [Corporation]1 to borrow from banks against public securities
THE UTTAR PRADESH MUNICIPAL CORPORATION ACT, 1959
Act no. 2 of 19591959In forceUttarakhand (State Act)
155- Notwithstanding anything contained in section 154 but subject to the provisions of section 31 of the Reserve Bank of India Act, 1934 the [Corporation]1 may borrow for the purposes of this Act from any bank or banks in which the surplus moneys at the credit of the [Corporation]1 Fund may be deposited, against any public securities in which for the time being the cash balance for the [Corporation]1 may be invested; Provided that in the case of an indebted [Corporation]1, borrowing under this section shall be made with the previous approval of the State' Government.