Section 16 in The Maharashtra Industrial Development Rules, 1962
16. Limit on borrowing without previous consent of Government.
- The Corporation may borrow money and mortgage or charge its undertaking and property (including its revenues) or any part thereof and issue debentures, debenture stock, notes and other securities whether outright or as security for any debt, liability or obligation of the Corporation or of any third party; provided that the aggregate amount for the time being remaining undischarged of money borrowed or secured as aforesaid by the Corporation exclusive of the temporary loans as aforesaid shall not at any time, without the previous consent of the State Government exceed the sum of Rs. 25,00,000.Nothing herein contained shall require a bona fide lender to the Corporation to ascertain if the limits herein prescribed have been or are about to be exceeded.
