Section 27: Borrowing powers of Food Corporation.

The Food Corporations Act, 1964Central Act · Act 37 of 1964

[(1) A Food Corporation may, for the purpose of carrying out its functions under this Act--

(a) take advances against stocks of foodgrains or other foodstuffs held by it, or borrow money--

(i) from any scheduled bank, or

(ii) from any other bank or financial institution approved by the Central Government in this behalf, or

(iii) from any other authority, organisation or institution or from the public on such terms and conditions as may be approved by the Central Government; or

(b) issue and sell bonds and debentures carrying interest at such rates as may be fixed by the Central Government at the time the bonds or debentures are issued:

[Provided that the amount borrowed by a Food Corporation under clause (b) shall not at any time exceed ten times the paid-up capital and the reserve fund established under section 33.]]

(2) The Central Government may guarantee the loans and advances taken by a Food Corporation under sub-section (1) as to the re-payment of principal and the payment of interest thereon and other incidental charges.

[(3) A Food Corporation may, for the purpose of carrying out its functions under this Act, also borrow money from the Central Government; and that Government may, after due appropriation made by Parliament by law in this behalf, pay to the Food Corporation such sums of money by way of loan on such terms and conditions as that Government may determine.]

Where this provision sits

Act	The Food Corporations Act, 1964
Section	27
Marginal note	Borrowing powers of Food Corporation.
Jurisdiction	Central
Status	In force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

substituted, Act 36 of 1988. . Subs. by Act 36 of 1988, s. 2, for sub-section (1) (w.e.f. 20-8-1988).
substituted, Act 27 of 2001. . Subs. by Act 27 of 2001, s. 2, for the proviso (w.e.f. 22-5-2001).
inserted, Act 67 of 1972. . Ins. by Act 67 of 1972, s. 5 (w.e.f. 15-12-1972).

Find the provision, not just read it

The full text above is free, and it stays free. What a free CourtMesh account adds is everything you cannot do by reading one page at a time:

Search 49,000+ Central and State enactments by what a provision says, not by its number
Jump from any section to every judgment that has applied it
Search 300 million+ Indian court records alongside the statute
Ask a research agent to find and read the case law on a provision for you

Free account. No card. About a minute to create.

Create a free account

Need this as data, not as a page? The Food Corporations Act, 1964 is one of 49,000+ enactments on CourtMesh. The Indian court cases API serves the case law that cites these provisions over JSON, with API documentation and plans and pricing. See also the judgment library.