(1) The Corporation may, with the previous approval of the State Government, borrow money in the open market or otherwise for the purpose of raising its working capital.
(2) Money borrowed under sub-section (1) by the Corporation shall be guaranteed by the State Government as to the repayment of the principal and the payment of interest at such rate not being less than four per cent. per annumr, as the State Government may, on the recommendation of the Corporation, fix at the time the money is borrowed.
23. All receipts of the Corporation shall be carried into its general fund and all payments by the Corporation shall be made therefrom.
Additional capital.
Guarantee by State.
Government in respect of shares.
Borrowing by the Corporation.
Receipts into and payments from the general fund of the Corporation.
Grants to Board or Boards.
Dividends on shares.
Reserve and other funds.
Expenditure from the funds.
Budget.
Audit by Auditor appointed by State Govern- Inent.
6 The West Bengal Development Corporation Act, 1954.
[West Ben. Act (Sections 24-29.)
24. The Corporation shall make suitable grants to the Board or Boards for executing the schemes entrusted to the Board or Boards.
25. The Corporation shall pay dividends on shares at such rate as may from time to time be fixed by the State Government wider section 21 and subject to any general limitations which may be imposed by the State Government, and the payment of such dividend shall be deemed to be a part of the expenditure of the Corporation.