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Section 22-S: Power to Borrow Money.

The Jammu and Kashmir Development Act, 1970Union territory Act of Jammu and Kashmir · Act 21 of 1970

(1) The Corporation may, subject to such conditions as may be prescribed in this behalf, borrow money in the open market or otherwise with a view to providing itself with adequate resources.

(2) All moneys borrowed under sub-section (1) may be guaranteed by the Government as to the repayment of principal and the payment of interest at such rates and 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 22-T) from the public for a specified period and on payment of interest thereon to the depositors at specified rates.

Where this provision sits

ActThe Jammu and Kashmir Development Act, 1970
Section22-S
Marginal notePower to Borrow Money.
JurisdictionUnion territory of Jammu and Kashmir
StatusIn force as published by the source

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