65. Power of Board to borrow .-(1) The Board may, from time to time, with the previous sanction of the State Government and subject to the provisions of this Act and to such conditions, as may be prescribed in this behalf, borrow any sum required for the purposes of this Act.
(2)Rules made by the State Government for the purposes of this section may empower the Board to borrow by the [issue of debentures or bonds] or otherwise and to make arrangements with bankers, and may apply to the Board with such modifications as may be necessary to be consistent with this Act the provisions of the Local Authorities Loans Act, 1914 (9 of 1914), and the rules made thereunder as if the Board were a local authority.(3)The maximum amount with the Board may at any time have on loan under sub-section (1) shall be ten crores of rupees, unless the State Government, with the approval of the State Legislative Assembly, fixes a higher maximum amount.(4)[Debentures or bonds issued] [ Substituted by Act 23 of 1978, Section 12, for " stock issued" (w.e.f. 3.6.1978).] by the Board under this section shall be issued, transferred, dealt with the redeemed in such manner as may be prescribed.
