Section 122 in Sikkim Urban and Regional Planning and Development Act, 1998
122. Power of the Authority to borrow money.
(1)The Authority may from time to time, borrow at such rate of interest and for such period and upon such terms, as the Government may approve, any sum of money required for efficient performance of the functions assigned to it under this Act and rules and regulations made thereunder.(2)The Authority shall maintain a sinking fund for the repayment of money borrowed under sub-section (1) and shall pay every year into the sinking fund such sum as may be sufficient for repayment within the period fixed of a all money so borrowed.(3)The sinking fund shall be applied in or towards, the discharge of the loan for which such fund was created and until such fund is wholly discharged, it shall not be applied for any other purpose.
