Section 22 in Maharashtra Industrial Development Act, 1961
22. [ Power of Corporation to borrow. - [(1) Subject to such conditions as may be prescribed, the Corporation may, for the purpose of providing itself with adequate resources, borrow money in the open market by issue of guaranteed or unguaranteed bonds, debentures, stocks or otherwise, or borrow money from any scheduled banks, or from such other banks or financial institutions as are approved, from time to time, by the State Government in this behalf.] [Section 22 was substituted for the original Section 10.]
(2)The maximum amount which the Corporation may at any time have on loan under sub-section (1) shall be rupees seventy-five crores, unless the State Government, with the approval of the State Legislative Assembly, by notification in the Official Gazette, fixes a higher maximum amount for this purpose.] [Section 4 was substituted for the original section by Maharashtra 44 of 1981, Section 2.]
