(1) Subject to the provisions of this Act and with the previous approval of the Government, the Board may, from time to time, borrow money required for the purposes of this Act from the public or from any corporation owned or controlled by the Central or any State Government.
(2) Whenever the borrowing of any sum of money has been approved by the Government, the Board may, instead of borrowing such sums or any part thereof from the public, take credit from any bank or any financial institution owned or controlled by the Central or any State Government on a cash account to be kept in the name of the Board and may with the previous sanction of the Government, mortgage all or any of the properties vested in the Board as security for such credit.
(3) Subject to such conditions and limitations as may be prescribed and with the previous approval of the Government ,the Board may, for the promotion and execution of any Housing Scheme, enter into financial arrangement with the Life insurance Corporation of India, any Bank or other financial institutions approved by the Government.
(4) Subject to the provisions of this Act and such conditions and limitations as may be prescribed, the Board may, out its funds, grant loans and advances on such terms and conditions as it may determine, to any co-operative society registered under the Meghalaya Cooperative Society Act or to any other person for the construction of houses.