Section 91 in Tamil Nadu State Housing Board Act, 1961
91. Power of the Board to borrow and lend.
(1)Subject to the provisions of this, Act, the Board may from time to time, with the approval of the Government, borrow money required for the purposes of this Act from the public or from any corporation owned or controlled by the Central or State Government.(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 there of from the public, take credit from any bank or any corporation owned or controlled by the Central or State Government on a cash account to be kept in the name of the Board to the extent of such sum or part there of, 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 or improvement scheme under this Act, enter into financial arrangements with any bank 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 grant loans and advances on such terms and conditions, as it may determine, to any co-operative society registered or deemed to be registered under the law relating to co-operative societies for the time being in force in the [State of Tamil Nadu] [This expression was, substituted for the expression 'State of Madras' by the Tamil Nadu Adaptation of Laws Order, 1969, as amended by the Tamil Nadu Adaptation of Laws (Second Amendment) order, 1969.] or to any other pars in for the construction of houses.
