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[Cites 0, Cited by 0] [Section 3] [Entire Act]

Union of India - Subsection

Section 3(2) in The Local Authorities Loans Act, 1914

(2)Nothing in this section shall be deemed to authorize any local authority-
(a)to borrow or spend money for any purpose for which, under the law for the time being in force, it is not authorized to apply its funds, or
(b)to borrow money by means of the issue of bills or promissory notes payable within any period not exceeding twelve months.
Himachal Pradesh :In its application to the State of Himachal Pradesh in sub-section (1) of section 3, for ":" occurring at the end of clause (v), substitute ", " and after clause (v) so amended add as under':"(vi) any other purpose which the State Government may declare to be a suitable one for which loans may be taken by Local Authorities generally or by a particular Local Authority".-H. P. Act 4 of 1974, section 2 (2-2-1974).After sub-section (2) of section 3, add as under :"(3) A local authority may, borrow a loan from other loaning institutions viz. the Life Insurance Corporation of India and the Housing and Urban Development Corporation etc., for the construction of buildings and sale thereof.For this purpose, the local authority may also mortgage its properties with the loaning institutions with the prior approval of the State Government".-H. P. Act 35 of 1976, section 2 (29-9-1976).Madhya Pradesh (Mahakoshal Region) :In its application to the State of Madhya Pradesh, in sub-section (1) of section 3 after clause (v), the following clauses shall be inserted, namely :"(vi) the meeting of its establishment charges, in case of temporary unforeseen financial difficulty;(vii) any exceptional expenditure of an urgent and unforeseen character not already provided for in this section."-C. P. Act 1 of 1922, section 2 (1-3-1923).Maharashtra :In its application to the State of Maharashtra, in sub-section (l) of section 3, after clause (v), insert clauses (vi) and (vii), namely :
"(vi) the meeting of its establishment charges, in case of temporary unforeseen financialdifficulty,
(vii)any exceptional expenditure of an urgent and unforeseen character not already provided for in this section."-Mah. Act 31 of 1975, section 4 (not yet enforced).
Punjab : Haryana : Chandigarh :In its application to Punjab, Haryana and Chandigarh in sub-section (1) of section 3, after clause (v), insert the following clause, namely :"(vi) any other purpose which the State Government may declare to be a suitable one for which loans may be taken by Local Authorities generally or by a particular Local Authority."-E.P. Act 17 of 1949, section 2 (29-10-1949); Punj. Act 41 of 1960: See now Act 31 of 1966, section 88.