Section 63 in Siliguri Municipal Corporation Act, 1990
63. Power of the Corporation to open a credit account with a bank.
- Notwithstanding anything contained in section 61, whenever the raising of any loan has been sanctioned by the State Government under that section the Corporation may, instead of raising such loan or any part thereof from the public, take credit, on such terms as may be approved by the State Government, from any bank on a cash account to be kept in the name of the Siliguri Municipal Corporation Cash Account to the extent of such loan or any part thereof and, with the sanction of the State Government, may grant mortgages of all or any of the properties vested in the Corporation by way of securing the repayment of the amount of such credit or of the sum advanced from time to time on such cash account with interest.
