Section 15A(3) in The Bombay Provincial Municipal Corporations Act, 1949
(3)The Commissioner may, for the assistance of a housing association with the previous approval of the Standing Committee, make grants of loans to the association on such terms and subject to such conditions as to rate of interest and repayment or otherwise and on such security as the Standing Committee may stipulate; or give grants to the association.Explanation. - For the purpose of this rule "a housing association" means a society including a co-operative housing society or body of trustees or a company, established for the purpose of or amongst whose objects or powers are included constructing, improving or managing or facilitating or encouraging construction or improvement of houses for the poorer classes, being a society, body of trustees or company not trading for profit.]
