Section 142(1) in Chennai City Municipal Corporation Act, 1919
(1)The council may, in pursuance of any resolution passed at a special meeting, borrow by way of debenture or otherwise on the security of all or any of the taxes, duties, [***] [The word 'tolls' was omitted by Schedule 1 to the Tamil Nadu Motor Vehicles Taxation Act) 1931 (Tamil Nadu Act III of 1931).] fees and dues authorized by or under this Act, any sums of money which may be required-(a)for the construction of works, [or] [The word 'or' was added at the end of clauses (a)and(c) by section 3 of, and the Second Schedule to the Tamil Nadu Repealing and Amending Act, 1955 (Tamil Nadu Act XXXVI of 1955).](b)for the acquisition of [lands and buildings,] [Substituted for the word 'land' by section 84(l)(i) of the Madras City Municipal (Amendment) Act, 1936 (Tamil Nadu Act X of 1936).] or(c)[ for slum clearance and construction of tenements] [New clause (c) was inserted, and the original clauses (c) and (d) were releltered as clauses (d) and (e) by section 84(l)(ii), Act X of 1936.], [or] [The word 'or' was added at the end of clauses (a) and (c) by section 3 of, and the Second Schedule to the Tamil Nadu Repealing and Amending Act, 1955 (Tamil Nadu Act XXXVI of 1955).](d)[ to pay off any debt due to the Government, or [New clause (c) was inserted, and the original clauses (c) and (d) were relettered as clauses (d) and (c) by section 84(1)(ii), Act XXXVI of 1955.](e)to re-pay a loan previously raised under this Act or other Act in force:][Provided that-(i)no loan shall be raised without the previous sanction of the [State Government] [***] [The words 'or without previous publication of the application under the Local Authorities Loans Act. 1914, and the rules issued thereunder' were omitted by Tamil Nadu Act 15 of 1965.] and](ii)the amount of the loan, the rate of interest and the terms including the date of floatation, the time and method of be subject to the approval of the [State Government] [The words 'Provincial Government' were substituted far the words 'Local Government' by the Adaptation Order of 1937 and the word 'State' was substituted far 'Provincial' by the Adaptation Order of 1950.] [***] [The words 'and where the loan exceeds twenty-five lakh of rupees, also of the Governor-General in Council' were omitted by the Adaptation Order of 1937.]
