114A. [ Powers of the] [Inserted by U.P. Act No. 7 of 1949.] [Municipality] [Substituted by U.P. Act No. 12 of 1994.] to borrow money. - For performance of its duties and functions, whether mandatory or discretionary, a [Municipality] [Substituted by U.P. Act No. 12 of 1994.] may with the previous sanction of the State Government, and subject to the rules prescribed in this behalf, raise loans in the open market or from any financial institution by issue of debentures or against any other security.
