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Section 16: Limit on borrowing without previous consent of Government

Gujarat Industrial Development Rules 1963State Rules of Gujarat · 1962

The Corporation may borrow money and mortgage or charge its undertaking and property (including its revenues) or any part thereof and issue debenture stock, notes and other securities whether outright or as security for any debt, liability or obligation of the Corporation or of any third party; provided that the aggregate amount for the time being remaining undischarged of money borrowed or secured as aforesaid by the Corporation exclusive of the temporary loans as aforesaid shall not at any time, without the previous consent of the State Government exceed the sum of Rs.10,00,000/-.

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1. These words were substituted for the words, “Chief Executive Officer” by Notification No.GHU/88/42/GID/1486/3054/G1 dated 4.10.1988.

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Explanation:-The limit prescribed in this rule shall not apply to deposits accepted under section 22 of the Act.

Nothing herein contained shall entitle a bona fide lender to the Corporation to ascertain if the limits herein prescribed have been or are about to be exceeded.

Where this provision sits

ActGujarat Industrial Development Rules 1963
Section16
Marginal noteLimit on borrowing without previous consent of Government
JurisdictionState of Gujarat
StatusIn force as published by the source

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