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Union of India - Section
Section 26 in Road Transport Corporations Act, 1950
26. [ Borrowing powers [Substituted by Act 63 of 1982, Section 13, for Section 26 (w.e.f. 13.11.1982).]
.A Corporation may, with the previous approval of the State Government, borrow money for the purpose of raising its working capital or meeting any expenditure of a capital nature in the open market or from a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), or section 3 of the Banking Companies(Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980), a State Finance Corporation established under section 3 of the State Financial Corporations Act, 1951 (63 of 1951), the Industrial Finance Corporation of India, established under section 3 of the Industrial Finance Corporation Act,1948 (15 of 1948), the Industrial Development Bank of India, established under section 3 of the Industrial Development Bank of India Act, 1964 (18 of 1964),the Life Insurance Corporation of India, established under section 3 of the Life Insurance Corporation Act, 1956 (31 of 1956), or any other financial institution providing credit which is subject to the control of the Reserve Bank of India.]| [Delhi].In its application to the Union territory of Delhi , in Section 26, in sub-S. (2), the words and the Central Government shall be omitted.Delhi Road Transport Laws (Amendment) Act, 1971 (71 of 1971), Section 7 and Sch . I (w.r.e.f .3-11-1971 ). |