109. Power of Municipality to raise short term loan.
- Notwithstanding anything contained in this chapter, the Municipality may, within the limits set by the Comprehensive Debt Limitation Policy framed under Section 106, from time to time, take a short-term loan repayable within such period, not exceeding twelve months, from any other scheduled bank, for such purpose, not being a purpose referred to in sub-section (1) of Section 107, on such terms, and on furnishing such security for the repayment of such loan, as may be approved by the State Government.
