( I) All loans advanced to the Board by the Central Government or the State Government together with the interest accruing thereon at such rate as may, from time to time, be fixed by the Central government or the State Government, as the case may be, shall be a first, charge on the fund of the Board and the Board shall repay such loans with the interest thereon in such manner and in such number of installments as may be determined by the Central Government or the State Government as the case may be, and every such repayment shall be deemed to be a pan of the expenditure of the Board.
(2) For the purposes of any loan granted to it by the State Government, the Board shall be deemed to be a local authority within the meaning of the Local Authorities Loans Act, 11914, (IX of 1914).
27, BUIXIET:
(1) The Board shall prepare, in such form and at such time as may be prescribed, a Budget in respect of every financial year showing its estimated receipts and expenditure during the financial year and submit it to the State Government who may sanction the budget with such alterations and modifications, if any, as the State Government may deem fit.
(2) A copy of the budget of the Board as so sanctioned shall be forwarded by the State Government to the Central Government.
Contd. ,..11„ . 1., „ It