(1) The Corporation may, subject to such conditions as may be prescribed in this behalf, borrow money from the financial institutions or Commercial Banks or non-resident Indians or from the open market by issue of guaranteed or unguaranteed bonds, debentures stocks or otherwise, for the purpose of providing itself with adequate resources.
(2) The maximum amount which the Corporation may at any time have on loan under sub-section (1) shall not exceed rupees one thousand crores, unless the Government fixes a higher maximum limit for this purpose.
(3) The Corporation may approach any financial Institution or Commercial Bank for guaranteeing repayment of loans borrowed and payment of interest thereon on payment of guarantee commission.
(4) The Corporation may also accept contributions and donations from any individual including a non-resident Indian, or corporate body or trust, or multilateral agency for the purpose of undertaking projects or schemes notified under section 35 AC of the Income Tax Act, 1961:
Provided that acceptance of any contribution or donation from a Non-resident Indian shall with the prior permission of the concerned authority under any law for the time being in force.
Grants, subventions, loans and advances to the Corporation.
Power of Corporation to borrow.
Central Act 43 of 1961.
[Act No.37 of 1998] 23
34. The Corporation may accept deposits on such conditions as it deems fit from persons, authorities or institutions, to whom, allotment or lease or sale of land or buildings or other properties or rights is made or is likely to be made in furtherance of the objects of this Act.
35. The Corporation shall have the authority to spend such sums as it thinks fit for the purposes authorised under this Act from and out of the fund of the Corporation referred to in section 30 or from the reserve and other funds referred to in section 37, as the case may be.
36. It shall be competent for the Corporation to spend such sums as it thinks fit also on objects authorized under this Act other than projects and schemes referred to in section 17 and such sums shall be treated as common expenditure payable out of the funds of the Corporation.