Section 32 in The Punjab Agricultural Produce Markets Act, 1961
32. Power to borrow.
(1)A Committee may, with the previous sanction of the [ - ] [Omitted by Punjab Act 4 of 1963.] Board, raise the money required for carrying on the purpose for which it is established on the security of any property vested in and belonging to the Committee and of any fees leviable by it under this Act.(2)A Committee may, for the purposes of meeting the initial expenditure on lands, buildings and equipment required for establishing the market for the proper discharge of the duties and functions imposed on it by or under this Act, or for the purpose of development activities and extension of market obtain a loan from the State Government or the Board on such conditions and subject to such rules as may be prescribed.(3)A Committee may, with the previous approval of the [ - ] [Omitted by Punjab Act 4 of 1963] Board, obtain loans from other Committees on such conditions and subject to such rules as may be prescribed.(4)[ The Board may with the previous sanction of the State Government raise the money required for carrying on the purpose for which it is established.] [Added by Haryana Act 47 of 1971.]
