Section 155 in Uttar Pradesh Municipal Corporation Act, 1959
155. Power of Corporation to borrow from banks against public securities.
- Notwithstanding anything contained in Section 154 but subject to the provisions of Section 31 of the Reserve Bank of India Act, 1934, the Corporation may borrow for the purposes of this Act from any bank or banks in which the surplus moneys at the credit of the Corporation Fund may be deposited, against any public securities in which for the time being the cash balance of the Corporation may be invested:Provided that in the case of an indebted Corporation, borrowing under this section shall be made with the previous approval of the State Government.
