(1)The Board may, 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)Whenever the borrowing of any sum of money has been approved by the Government, the Board may, instead of borrowing such sum or any part thereof from the public, take credit from any bank or any corporation owned or controlled by the Central Government or a State Government on a cash account to be kept in the name of the Board of the extent of such sum or part thereof, and may, with the previous sanction of the Government, grant mortgages of all or any of the properties vested in the Board by way of security for such credit.(3)Subject to such conditions and limitations as may be prescribed and with the previous approval of the Government, the Board may, for the promotion and execution of any housing, improvement or building scheme under this Act, enter into financial arrangements with any banks or other financial institutions approved by the Government or with the Life Insurance Corporation of India established under section 3 of the Life Insurance Corporation Act, 1956 (Central Act 31 of 1956).(4)Subject to the provisions of this Act and to such conditions and limitations as may be prescribed, the Board may out of its funds grant loans and advances on such terms and conditions as it may determine to any co-operative society for the construction or improvement of houses.
