Section 122A: Power of Development Authority to borrow and to accept deposits.

[122A. Power of Development Authority to borrow and to accept deposits.- (1) Without prejudice to the provisions of section 122, a Development Authority constituted under sub-section (2) of section 113 may,-

(a) subject to such conditions as may be determined in this behalf by the Government, borrow money in the open market or otherwise with a view to provide itself with adequate resources ;

(b) accept deposits on such conditions as it deems fit from persons to whom allotment or sale of land or building or any structure is made, or is likely to be made, in furtherance of the objects of this Chapter.

(2) All moneys borrowed under sub-section (1) may be guaranteed by the State Government as to the repayment of principal and interest at such rates and on such conditions as the State Government may determine at the time the money, are borrowed].