Section 62(2) in The M.P. Griha Nirman Mandal Adhiniyam, 1972
(2)Whenever the borrowing of any sum of money has been approved by the State Government, the Board may, instead of borrowing such sum or any part thereof from the public, take credit from any bank or any corporation owned or controlled by the Central or State Government on a cash account to be kept in the name of the Board to the extent of such sum or part thereof, and may, with the previous sanction of the State Government grant mortgages of all or any of the properties vested in the Board by way of security for such credit.
