(1)A [Municipality] [Substituted vide Orissa Act No. 11 of 1994 w.e.f. 31.5.1994.] may either singly or in combination with any other local authority or any Joint Stock Company -(a)with the previous sanction of the State Government construct or maintain or assist the construction or maintenance of a tramway or rope-way, motor omnibus or other transport service, within or partly within and partly without the Municipality, subject in the case of tram-way to the provisions of any law for the time being in force relating to the construction and maintenance of tramways;(b)subscribe to any debenture loans raised by the Central or the State Government or by any local authority or by any Company as defined in the Indian Companies Act, 1913, (Act VII of 1913) for such construction or maintenance which in the opinion of the [Municipality] [Substituted vide Orissa Act No. 11 of 1994 w.e.f. 31.5.1994.] as likely to be of benefit to the Municipal area;(c)guarantee the payment from the Municipal Fund of such sums as it shall think fit as instalments of principals and interest on capital expended on any such construction.
