Section 88 in The Orissa Town Planning and Improvement Trust Act, 1956
88. Loans from Banks.
- Whenever the borrowing of any sum has been approved under Section 87 the Planning authority may instead of borrowing such sum or any part thereof from the public take credit from any Bank on a cash account to be kept in the name of the said authority to the extent of such sum or part and with the previous sanction of the State Government may grant mortgages of all or any property vested in the Planning authority by way of securing the payment of the amount of such credit or of the sums from time to time advanced on such cash account with interest.
