Section 7(1) in The U.P. Avas Evam Vikas Parishad (Raising of Loans) Rules 1972
(1)Notwithstanding anything contained in rule 3 the Board may in pursuance of a resolution passed by it and with the previous approval of the State Government enter into financial arrangement with any bank or other Financial institution approved by the State Government or with the Life Insurance Corporation of India established under section 3 of the Life Insurance Corporation Act, 1956, for the promotion and execution of any housing or improvement scheme under the Act.
