Section 115 in The Chhattisgarh Municipalities Act, 1961
115. Power of Council to borrow money.
- Subject to the restrictions contained in any enactment relating to raising of loans by local authorities for the time being in force a Council may, in pursuance of a resolution passed at a special meeting convened for the purpose, raise a loan of any moneys required for carrying out of the purpose of this Act:Provided that-(i)no loan shall be raised without the previous sanction of the State Government; and(ii)the terms upon, the period within and the method by which the loan is to be raised and repaid, shall be subject to the approval of the State Government.
