Section 44(2) in Tamil Nadu Town and Country Planning Act, 1971
(2)Whenever the borrowing of any sum of money has been approved by the Government, the new town development authority may, instead of borrowing such sum or any part thereof from the public, take credit from any bank or any corporation owned or controlled by any State Government or by the Central Government on a cash account to be kept in the name of the new town development authority to the extent of such sum or part thereof, and may, with the previous sanction of the Government, grant mortgages of all or any of the properties vested in the new town development authority by way of security for such credit
