Section 136 in The Calcutta Municipal Corporation Act, 1980
136. Power of the Corporation to open a credit account with a bank. -
Notwithstanding anything contained in section 134, the Corporation may, when the raising of a loan is sanctioned by the State Government under that section, instead of raising such loan or any part thereof, take credit, on such terms as may be approved by the State Government, from any scheduled bank on a cash account to be kept in the name of the Calcutta Municipal Corporation Cash Account to the extent of such loan or any part thereof and, with the sanction of the State Government, may grant mortgages of all or any of the properties vested in the Corporation by way of securing the repayment of the amount of such credit or of the sums advanced from time to time on such cash account with interest.
