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Section 12A: Power of Corporation to borrow money.

The National Co-operative Development Corporation Act, 1962Central Act · Act 26 of 1962

[12A. Power of Corporation to borrow money.--(1) The Corporation may, for the purposes of carrying out its functions under this Act, and with the previous approval of, and subject to the directions of the Central Government, borrow money from--

(a) the public by the issue or sale of bonds or debentures, or both, carrying interest at such rates as may be specified therein;

(b) any bank or other financial institution;

(c) any other authority, organisation or institution as may be specially approved by the Central Government in this behalf.

(2) The Central Government may guarantee the repayment of the moneys borrowed by the Corporation under clause (a) or clause (b) or clause (c) of sub-section (1) and the payment of interest thereon and other incidental charges.]

Where this provision sits

ActThe National Co-operative Development Corporation Act, 1962
Section12A
Marginal notePower of Corporation to borrow money.
JurisdictionCentral
StatusIn force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • inserted, Act 3 of 1974. . Ins. by Act 3 of 1974, s. 11 (w.e.f. 1-4-1974).

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