Section 23 in Assam Industrial Infrastructure Development Corporation Act, 1990
23. Power of Corporation to borrow and guarantee of loans.
(1)The Corporation may, from time to time, with the previous sanction of the State Government and subject to the provision of this Act and to such conditions as may be prescribed in this behalf, borrow any sum from open market or from Bank or financial institution required for the purposes of the Act.(2)Rules made by the State Government for the purposes of this section may empower the Corporation to borrow by the issue of bonds or stock or otherwise.(3)The maximum amount which the Corporation may at any time have to loan under sub-section (1) shall be rupees fifty crores unless the State Government with the approval of the State Legislative Assembly, fixes higher maximum amount.(4)The State Government may guarantee in such manner as it thinks fit the payment of the principal and interest of any loan proposed to be raised by the Corporation or of either the principal or the interest:Provided that the State Government shall as long as any such guarantees are in force, lay before the State Legislative Assembly in every year during the first session of the State Legislative Assembly, a statement of the guarantees, if any, given during the current financial year and an up-to-date account of the total sum, if any, which have been paid out of or into the State Revenues by reason of any such guarantees or paid in to the State Revenue towards repayment of any money so paid out.
