Section 144(1) in Jammu and Kashmir Municipal Corporation Act, 2000
(1)The Corporation may, in pursuance of any resolution passed by it, borrow by way of debenture or otherwise on the security of any immoveable property vested in it or proposed to be acquired by it or of all or any of the taxes, rates, cesses, fees and charges authorized by or under this Act from public financial institutions, any sums 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 spread over a term of years ;(d)to payoff any debt due to the Government; ~(e)to repay a loan previously raised under this Act or any other Act; previously in force; or(f)for any other purpose for which the Corporation this Act or any other law for the time being in force, authorized to borrow :Provided that-(i)no loan shall be raised without the previous sanction of the Government ;(ii)the amount of loan, the rate of interest and the terms including the date of floatation, the time and method of the repayment and the like shall be subject to the approval of the Government.
