Section 22(1) in M.P. Nagar Tatha Gram Nivesh Niyam, 1975
(1)The Special Area Development Authority may for the purpose of the Act, raise loans under sub-section (2) of Section 70, in accordance with the provisions contained in the Local Authorities Loans Act, 1914 (9 of 1914) and in pursuance of a resolution passed at a special meeting convened for the purpose :Provided that,-(i)no loan shall be raised without the previous sanction of the State Government; and(b)the terms upon, the period within and the method by which the loan is to be raised and repaid shall be subject to these rules and the approval of the State Government.
