Section 21(3) in The Industrial Finance Corporation Act, 1948
(3)[ The Corporation may, for the purpose of carrying out its functions under this Act, borrow money from the Reserve Bank,-(a)repayable on demand or on the expiry of fixed periods not exceeding ninety days from the date on which the money is so borrowed, against securities of the Central Government or of any State Government; or(b)repayable on the expiry of fixed periods not exceeding eighteen months from the date on which the money is so borrowed, against securities of the Central Government of any maturity or against bonds and debentures issued by the Corporation under sub-section (1) and guaranteed by the Central Government and maturing within a period not exceeding eighteen months from the date on which the money is so borrowed: ][* * *] [ Proviso omitted by Act 50 of 1986, Section 13 (w.e.f. 2.2.1987).]
