Section 124 in Gauhati Municipal Corporation Act, 1971
124. Power of Corporation to borrow.
(1)The Corporation may, in pursuance of any resolution passed by it and with the prior approval of the State Government borrow by way of debentures or otherwise sums of money which may be required.(a)For acquiring any land which it has power to acquire;(b)For erecting any building which it has power to erect;(c)For the execution of any permanent work, the provision of any plant, or the doing of any other thing, which it has power to execute, provide or do;(d)To pay off any debt due to the Government;(e)To repay a loan previously raised under this Act or any other Act previously in force; or(f)For any other purpose for which the Corporation is, by virtue of this Act or any other law for the time being in force, authorised to borrow.(2)When any sum of money has been borrowed under sub-section (1)no portion of any sum of money borrowed for any of the purposes referred to in sub-section (1) shall be applied to the payment of salaries and allowance to any municipal employee other than those exclusively employed in connection with the carrying out of that purpose.
