(1) The Board may, from time to time , with the previous sanction of the Government and subject to the provisions of this Act and to such conditions as may be prescribed on this behalf may borrow any sum required for the purposes of this Act on guarantee of the state Government or on Bank guarantee or mortgaging its properties.
(2) The rules made by the Government for the purposes of this section may empower the Board to borrow by the issue of debenture and to make arrangements with bankers.
(3) All debentures issued by the Board shall be in such form as the Board, with the sanction of the sanction of the Government may from time to time determine.
(4)Every debenture shall be signed by the managing Director and one other, member of the Board.
(5)Loans borrowed and debentures issued under this section shall be guaranteed by the Government as to the repayment of principal and the payment of interest as such rate as may be fixed by the Government.
(6)Subject to the provisions of this Act, and to such conditions and limitations as may be prescribed, the Board may out of its funds grants loans and advances on such terms and conditions as it may determine, to any Co-operative society registered or deemed to be registered under the law relating to Co-operative societies for the time being in force in the state or to any other Person for for the constructions of houses.