(1) The Principal business of the Nigam shall be production, procurement, Business which processing and distribution of seeds, development and running of farms, conducting re- tthe Nigt'am may. ransae.
search and development in. seed production, processing, preservation, installation, management and operation of .processing plants s.torage and testing facilities and rendering to seed growers such other assistance as may be considered necessary to improve s-eed production.
1810 . ' ,~ rTT t
(2) To carry out the duties specified in sub-section (1) the Nigam shall prep~~.\~ ~, sta:e.me.nt of programme of work listing out the projects prepared for cli£i:erent acti" 1\ WhIChare to be executed during the next year. .• J. "laten
(3) The State Government may specify any other works for execution in addition to 19 ther the programme submitted by the' 'Nigam.
(2) Borrowing b~ the Nigam.
20.
Aet,-
(1) The Nigam may for the purpose of carrying out its functions under this lO~
(3) Other source of funds.
(a) with the prior approval of the Slate Governmenf issue and sell bonds and ork ar debentures. and other securities, carrying interest; ext ye~
(b) borrow money and accept deposits! from Central Government, the Stale Gov- (4) emment, any bank or financing institution and with the approval of the State ich me Government, from a a corporate body or from any other person. " .m (?' S bi t t h di . . . h G fi fa v ernr-J U jec 0 sue can tions and restrictions as the State overnment may deem ] to impose, it may guarantee 'the bonds and debentures and other securities issued under 26 clause (a) of sub-section (1) and the loans and deposits raised! by the Nigam under clause r :
(b) of sub-section (1) as to the repayment of principal and payment of interest thereon ana igam - and incidental charges. ,. (2) ,,<!i.
(3) Without the approval of the St;ate Government the total borrowing of the Nigairi ~ense~ under sub-section (1) shall not at any time, in the aggregate exceed four limes the amount (3) of the capital subscribed by the State Govemmenr under section 5. peratio tate G