Section 3 in The U.P. Avas Evam Vikas Parishad (Raising of Loans) Rules 1972
3. Powers of the Board to raise loans.
(1)The Board may, in pursuance of a resolution passed by it and subject to the provision of section 31 of the Reserve Bank of India Act, 1934, from lime to time, raise a loan, by the issue of debentures or otherwise on the security of any immovable property vested in the Board or proposed to be acquired by it under the Act or of all or any of the duties, fees and dues authorised by or under the Act, of any sum of money which may be required -(a)for acquiring any land which it has power to acquire;(b)for erecting any building which it has power to erect;(c)for the execution of any permanent work, the provision of any plant, or the doing of any other thing which it has power to execute, provide or do if the cost of carrying out the purpose in question ought to be spared over a term of years;(d)to pay off any debt due to the State Government;(e)to repay a loan previously raised under the Act;(f)for any other purpose for which the Board is, by virtue of the Act, authorised to borrow:Provided that no loan shall be raised unless the State Government has approved the purpose and amount of the loan, the rate of interests and other terms thereof including the date of flotation and the period and method of repayment.(2)When any sum of money has been borrowed under sub-rule (1) -(a)no portion thereof shall without the previous sanction of the State Government be applied to any purpose other than that for which it was borrowed; and(b)no portion of any sum of money borrowed for any of the purposes referred to in clause (c) of sub-rule (1) shall be applied to the payment of salaries and allowances to any officers or servants of the Board other than those exclusively employed in connection with the carrying out of that purpose.(3)The debentures shall be of one hundred rupees or in such multiples of one hundred rupees as may be determined by the Board.
