Section 153 in The Calcutta Municipal Corporation Act, 1980
153. Power of the Corporation to borrow money from the State Government and attachment of Municipal Fund for recovery of such money. -
(1)The Corporation may borrow money from the State Government for carrying out the purposes of this Act other than those referred to in clauses (a) to (g) of sub-section (1) of section 134, on such terms and conditions as the State Government may determine.(2)If any money borrowed by the Corporation from the State Government before the commencement of this Act or under sub-section (1) is not repaid, or any interest due in respect thereof is not paid, according to the terms and conditions of such borrowing, the State Government may attach the Municipal Fund or any portion thereof.(3)After such attachment an officer appointed in this behalf by the State Government shall deal with the fund so attached or the portion thereof in such manner as he thinks fit and may do all acts in respect thereof which any municipal authority or an officer or employee of the Corporation might have done under this Act if such attachment had not taken place and may apply such fund or the portion thereof, as the case may be, for payment of the arrear and the interest due in respect of such borrowing and of all expenses incurred on account of the attachment and subsequent proceedings :Provided that no such attachment shall defeat or prejudice any debt for the recovery of which the fund was previously charged under any law in force for the time being and all such prior debt shall be paid out of the Fund before any part thereof is applied for repayment of the money borrowed.
