Section 166 in The Orissa Municipal Corporation Act, 2003
166. Power of Corporation to open Credit Account with the Bank.
- Notwithstanding anything contained in Section 165, the Corporation may, where the raising of a loan is sanctioned by the Government under that Section, instead of raising such loan or any part thereof, take credit, on such terms as may be approved by the Government, from any scheduled bank, to be kept in cash account bearing the name of the Corporation to the extent of such loan or any part thereof and, with the sanction of the Government, may grant mortgage of all or any of the properties vested in the Corporation by way of securing the repayment of the amount of such credit or of the sums advanced from time to time on such cash account with interest.
