Section 19 in The West Bengal Minorities Development And Finance Corporation Act, 1995
19. Borrowing by the Corporation. -
(1)The Corporation may, with the previous approval of .he State Government, borrow money in the open market or otherwise for carrying out any of its functions under this Act.(2)The money borrowed by the Corporation under sub-section (1) shall be guaranteed by the State Government as to the repayment of the principal and the payment of interest at such rate, not being less than four per cent per annum, as the State Government may, on the recommendations of the Corporation, fix at the time the money is borrowed.
