Section 50 in The Orissa State Electricity (Supply) Rules, 1962
50. Protection of lenders and holders of securities.
- A person lending money to the Board or holding any security shall not be under any obligation to inquire into or to take notice of, whether the borrowing or the creation or issue or grant of such security was or was not within the competence of the Board under the Act or these rules or whether or not the Board or any meeting thereof was properly constituted or convened, or whether or not the proceedings at any meeting of the Board were legal or regular, or to see to the application of any money borrowed or raised by any security or be answerable for any loss or misapplication thereof.
