Section 16 in The Punjab Ex-servicemen Corporation Act, 1978
16. Capital of the Corporation and its power to borrow or issue bonds and debentures etc.
(1)For the purpose of carrying out its functions under this Act, the Corporation may -(a)be provided with capital by the Government on such terms and conditions as the Government may specify, or by any person or association of persons interested in or dealing with the welfare of ex-servicemen on such terms and conditions as may be mutually agreed upon between the Corporation and such person or association of persons;(b)with the previous approval of, and subject to the directions of the Government borrow money from any Bank or other financial institution or any other authority or organisation;(c)issue bonds and debentures or draw, make, accept, endorse, discount, execute and issue promissory notes, bills of exchange, hundies, bills, warrants, debentures and other negoiatble instruments.(2)The Government may guarantee the repayment of the moneys borrowed by the Corporation under sub-section (1) and the payment of interest thereon.
