Section 90(1) in The City of Nagpur Corporation Act, 1948
(1)Subject to the provisions of section 92 of this Act and section 31 of the Reserve Bank of India Act, 1934, the Corporation, in pursuance of a resolution passed at a special meeting convened for the purpose, may, by the issue of debentures or otherwise on the security of the immovable property vested in the Corporation, or of all or any taxes, duties, tolls, cesses, fees and dues authorized by this Act (or of both the immovable property and all or any taxes, duties, tolls, cesses, fees and dues) raise a loan of any money which may be required-(i)for the construction of works under this Act, or(ii)for the acquisition of land for the purposes of this Act, or(iii)for the repayment of a loan raised under this Act or any other loan or debt for the repayment of which the Corporation is liable :Provided that,-(i)no loan shall be raised for the construction of any work other than a permanent work, which expression shall include any work of which the cost should in the opinion of the State Government be spread over a term of years;(ii)no loan shall be raised without the previous sanction of the State Government;(iii)the terms upon the period within and the method by which the loan is to be raised and repaid, shall be subject to the approval of the State Government; and(iv)the period within which the loan is to be repaid shall in no case exceed fifty years.
