Section 28 in Jharkhand Agricultural Produce Markets Act, 2000
28. Power to borrow.
(1)A Market Committee may, with the previous sanction of the Jharkhand Government, raise money required for carrying out the purposes of this Act on the security of any property vested in and belonging to such Committee and of any fee leviable by it under this Act.(2)[ A Market Committee may, for the purpose of meeting the initial expenditure on land, buildings and equipment required, for establishing a market, obtain a loan from the Jharkhand Government or the State Bank of India constituted under the State Bank of India Act, 1955 (no. 23 of 1955) or any subsidiary bank as defined in the State Bank of India (Subsidiary Bank) Act, 1959 (no. 38 of 1959) or a Bank specified in column 2 of the first schedule to the Banking Companies (Acquisition and Transfer of Undertaking ) Act, 1970 (no. 5 of 1970) or any corporate body (including a company as defined in section 3 of the Companies Act. 1956) in which not less than fifty-one percent of the paid up share capital is held by the Central Government or the Jharkhand Government or partly by the Central Government and partly by the Jharkhand Government.(3)The conditions subject to which such money or loan shall be raised or obtained and the time within which the same shall be re-payable, shall be subject to the previous sanction of the Board.] [Substituted by Act 60 of 1982.]
