(1) The Corporation may, with the previous approval of the State Government, borrow money in the open market or otherwise for carrying out any of its functions under this Act.
(2) The money borrowed by the Corporation under sub-section (1) 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 annum, as the State Government may, on the recommendations of the Corporation, fix at the time the money is borrowed.
20. 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.
279 The West Bengal Minorities Development and Finance Corporation Act, 1995.
[West Ben. Act (Sections 21-25.)
Dividends on share.
Reserved and other funds.
21. The Corporation shall pay dividends on shares at such rate as may from time to time be fixed by the State Government, 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.