Section 49 in The Jammu and Kashmir Housing Board Act, 1976
49. Power of Board to borrow.
(1)The Board may, from time to time, with the previous sanction of the 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.(2)The rules made by the Government for the proposes of this section may empower the Board to borrow by the issue of debentures and to make arrangements with bankers, and other financial institutions.(3)All debentures issued by the Board shall be in such form as the Board, with the sanction of the Government may from time to time determine.(4)Every debenture shall be signed by the Chairman and one other member of the Board.(5)Loans borrowed and debentures issued under this section may be guaranteed by the Government as to the repayment of principal and the payment of interest at such rate as may be fixed by the Government.
