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Section 12: Borrowings by the Board

The Karnataka Prison Development Board Rules, 2022State Rules of Karnataka · 2021

(1) The Board may borrow with the approval of the Government, any sum or sums on the security of its funds or assets for the purposes specified in the Act.

(2) The Commissioner or an officer authorized by him, on behalf of the Board, shall negotiate with the lending institutions the terms and conditions and all aspects related with the borrowing of funds.

(3) Money borrowed shall not be used for any other purpose than borrowed for, without the previous sanction of the Government.

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(4) The Board shall ensure compliance of all guidelines issued by the Government from time to time in this regard.

Where this provision sits

ActThe Karnataka Prison Development Board Rules, 2022
Section12
Marginal noteBorrowings by the Board
JurisdictionState of Karnataka
StatusIn force as published by the source

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