Section 98 in The City of Nagpur Corporation Act, 1948
98. Power of Corporation to consolidate loans. - (1) Notwithstanding anything contained in this Act, the Corporation may consolidate all or any of its loans, or any part of a loan and for that purpose may invite tenders for a new loan to be called "the Nagpur Corporation Consolidated Loan" and invite holders of municipal debentures to exchange their debentures for scrip of such loan.
(2)The terms of every such consolidated loan and the rates at which exchange into such a consolidated loan shall be permitted shall, save in the case of a loan granted by the State Government, be subject to the previous approval of the State Government.(3)Save in the case of a loan granted by the State Government, 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 establish a sinking fund for the repayment of every such consolidated loan.(5)The provisions of section 97 shall apply to each sinking fund established under sub-section (4) :Provided that, in calculating the sum to be paid into any such sinking fund in pursuance of section 97, any sums transferred to that fund in pursuance of the proviso to section 101 shall be taken into account.
