Section 58 in Arunachal Pradesh Housing Board Act, 2014
58. Power of the Board to borrow.
(1)The Board may from time to time, with the previous sanction of the State Government and subject to the provisions of this Act and to such conditions as may be prescribed in this behalf, borrow any sum required for the purposes of this Act from the public or from any corporation owned or controlled by the central or any Government.(2)Whenever the borrowing of any sum of money has been approved by the Government, the Board may, instead of borrowing such sum from or any part thereof from the public, take credit from Bank or financial institution owned or controlled by the central or any Government on cash-account to be kept in the name of the Board may the previous sanction of the Government, mortgage all or any of the properties vested in the Board as security for such credit.(3)For the promotion and execution of any Housing Scheme, the Board may, enter into financial institutions' arrangement with Life Insurance Corporation of India (LIC), any Bank or other financial institutions approved by the Government, subject to such conditions and limitations as may be prescribed and with the previous approval of the Government.(4)The Board may, out of its funds, grant loans and advances on such terms and conditions as it may determine, to any cooperative society registered under the Cooperative Society Act or to any other person for construction of houses, subject to the provision of this Act as may be prescribed.
