Section 21(4) in The Industrial Finance Corporation Act, 1948
(4)The Corporation may also, for the purpose of carrying out its functions under this Act, borrow money from the Central Government [or the Development Bank] [ Inserted by Act 18 of 1964, Section 38 and Sch. II (w.e.f. 1.8.1964).][, the Life Insurance Corporation of India established under section 3 of the Life Insurance Corporation Act, 1956 (31 of 1956), the General Insurance Corporation of India formed and registered under the Companies Act, 1956 (1 of 1956), the Unit Trust of India established under section 3 of the Unit Trust of India Act, 1963 (52 of 1963), or, with the general or special approval of the Central Government, from any other authority, institution, organisation or trust within or outside India] [ Inserted by Act 50 of 1986, Section 13 (w.e.f. 2.2.1987).] on such terms and conditions as may be agreed upon.[* * *] [ Proviso omitted by Act 2 of 1982, Section 9 (w.e.f. 12.3.1982).][21-A. Bonds and debentures to be approved securities .- Notwithstanding anything contained in any other law for the time being in force, the bonds and debentures issued or sold by the Corporation shall be, and shall be deemed always to have been, approved securities for the purpose of the Indian Trusts Act, 1882 (2 of 1882), the Insurance Act, 1938 (4 of 1938), and the Banking Regulation Act, 1949 (10 of 1949).
