(1) The Commissionerate may, from time to time, with the previous sanction of the Government and subject to the provisions of this Act, and to such condition as may be prescribed borrow any sum required for the purposes of this Act.
(2) The Government may, for the purpose of this section, empower the Commissionerate to borrow by the issue of bonds or stocks or otherwise and to make arrangements with Bankers.
(3) The maximum amount which the Commissionerate may at any time raise as loan under sub-section (1) shall be ten crores of rupees unless the Government by notification fix higher maximum amount.
(4) Stocks issued by the Commissionerate under this section shall be issued, transferred, dealt with and redeemed in such manner as may be prescribed.
17. The Government may guarantee in such manner as they think fit the payment of the principal and interest of any loan proposed to be raised by the Commissionerate or of either the principal or the interest:
Subventions and loans to the Commissionerate.
Powers of Commissionerate to borrow.
Guarantee of lands loans.
[Act No.29 of 1986] 15
Provided that the Government shall, so long as any such guarantees are in force, lay before the Legislature of the State in every year during the budget session, a statement of the guarantees, if any given during the current financial year of the State, and an upto date account of the total sums, if any, which have been paid out of State revenues by reason of any such guarantees or paid into State revenues towards repayment of any money so paid.
18. In respect of assets of the Government which vest in the Commissionerate by virtue of the provisions of this Act, the Commissionerate shall pay interest on the cost of such assets at such rates as may, from time to time, be fixed by the Government in consultation with the Commissionerate and such interest shall be deemed to be a part of the expenditure of the Commisionerate.