Section 137 in The Calcutta Municipal Corporation Act, 1980
137. Power of the Corporation to raise short-term loans. -
Notwithstanding anything contained in this Chapter, the Corporation may, with the previous sanction of the State Government, from time to time, take a short-term loan repayable within any period not exceeding twelve months, from the State Bank of India or any other scheduled bank for such purpose, not being a purpose, referred to in sub-section (1) of section 134, on such terms, and on furnishing such security for the repayment of such loan, as may be approved by the State Government :Provided that where the Corporation has taken any loan under this section, no further loan under this section shall be sanctioned by the State Government until the repayment of the previous loan.
