Notwithstanding anything contained in section 154 but subject to the provisions of section 31 of the Reserve Bank of India Act, 1934 the 1Corporation may borrow for the purposes of this Act from any bank or banks in which the surplus moneys at the credit of the 1Corporation Fund may be deposited, against any public securities in which for the time being the cash balance of the 1Corporation may be invested :\br @s Provided that in the case of an indebted 1Corporation, borrowing under this section shall be made with the previous approval of the State Government.\br @s
Section 155: Power of 1Corporation to borrow from banks against public securities.
The Uttar Pradesh Municipal Corporation Act, 1959State Act of Uttar Pradesh · Act 2 of 1959
Where this provision sits
| Act | The Uttar Pradesh Municipal Corporation Act, 1959 |
|---|---|
| Section | 155 |
| Marginal note | Power of 1Corporation to borrow from banks against public securities. |
| Jurisdiction | State of Uttar Pradesh |
| Status | In force as published by the source |
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