Section 3 in The U.P. State Electricity Board (Issue of Bonds) Rules, 1964
3. Particulars of borrowing to be furnished to Government.
- (i) The Board may borrow by the issue of bonds only with the previous sanction of the State Government and subject to such conditions as regards the amount, rate of interest, date and method of issue of such bonds, the arrangement for the application and repayment of the proceeds as have been previously approved by the State Government, and no variation of any such arrangement or condition except as otherwise provided in the rules shall be made without the prior approval of the State Government.(ii)While applying for previous sanction of the State Government for borrowing any money, the Board shall furnish particulars of the amount proposed to be borrowed, purpose of the loan, security to be offered, if any, amount already borrowed by the Board and the nature of security on which such amount has been borrowed, assets of the Board, the manner in which the proposed loan is to be repaid, and such other particulars as the State Government may require.
