(1)The Commissioners may [, from time to time,] [Words inserted by Bengal Act 5 of 1936.] borrow any sum necessary for carrying out the works specified in clauses (a) and (b) of section 5 [or repaying any loan raised under the provisions of this Act] [Words inserted by Bengal Act 5 of 1936.] at such rate of interest, and for such period, and upon such terms as to the time and method of repayment, and on such other terms and conditions, as the [State Government] [Words substituted by the Government of India (Adaptation of Indian Laws) Order, 1937 and the Adaptation of Laws Order, 1950.] may approve.[* * * * *] [[Proviso omitted by the Government of India (Adaptation of Indian Laws) Order, 1937, The proviso was as under :-'Provided that no loan exceeding in amount twenty-five lakhs of rupees shall be taken by the Commissioners, unless the terms including the date of flotation of such loan have been approved by the Government of India.']]
