Section 50 in The Bihar and Orissa Local Self-Government Act, 1885
50. District Boards may raise loans and may form a sinking fund.
- It shall be lawful for a District Board, subject to the provisions of any law relating to the raising of loans by local authorities for the time being in force, from time to time to raise loans for the purpose of carrying out any of the provisions of this Act, and to guarantee the payment of interest on such loans and to form a sinking fund:[Provided that no loan shall be raised for the purpose of constructing and maintaining railway or tramway under the provisions of Section 80, unless it is authorized by a resolution which has been passed at a meeting specially convened for the purpose and in favour of which a majority of not less than two-thirds of the members of the District Board have voted.] [Added by the Bengal Local Self Government (Amendment) Act, 1908 (Bengal Act 5 of 1908).]
