Section 143 in The Calcutta Municipal Corporation Act, 1980
143. Power of the Corporation to consolidate loans. -
(1)Notwithstanding anything contained in this Act, the Corporation may consolidate all or any of its loans or part thereof and for that purpose may invite tenders for a new loan (to be called "the Calcutta Municipal Consolidated Loan, 19/20.......") and may invite holders of municipal debentures to exchange their debentures for scrip of such loan.(2)The terms of any such consolidated loan, and the rates at which the exchange of debenture as aforesaid shall be permitted, shall be subject to the previous approval of the State Government.(3)The period for the extinction of any such consolidated loan shall not, without the sanction of the State Government, extend beyond the furthest date within which any of the loans to be consolidated would otherwise be repayable.(4)The Corporation shall provide for the repayment of any such consolidated loan by establishing a Sinking Fund for such loan.(5)The provisions of sections 145 and 146 shall apply to each Sinking Fund established under sub-section (4) of this section :Provided that in calculating the sum to be paid to the credit of any such Sinking Fund in pursuance of section 145, any sums transferred to such fund shall be taken into account.
