Section 22 in The West Bengal Development Corporation Act, 1954
22. Borrowing by the Corporation. -
(1)The Corporation may, with the previous approval of the State Government, borrow money in the open market or otherwise [for carrying out the purposes of this Act.] [Words substituted for the words 'for the purpose of raising its working capital.' by W.B. Act 22 of 1956.](2)Money borrowed under sub-section (1) by the Corporation shall be guaranteed by the State Government as to the repayment of the principal and the payment of interest at such rate not being less than four per cent, per annum as the State Government may, on the recommendation of the Corporation, fix at the time the money is borrowed.
