111. Municipality may raise loans and may form sinking fund.
- It shall be lawful for a Municipality subject to the provisions of any law, relating to the raising of loan authorities, for the time being in force from time to time to raise loans for the purpose of carrying out any of the provisions of this Act and to guarantee repayment of principal and the payment of interest on such loans and to form a sinking fund:Provided that no loans shall be raised for the purpose of constructing and maintaining a tramway under the provisions of Section 413, unless it is authorised by a resolution which has been passed at a meeting specially convened for the purpose and in favour of which a majority of not less than two thirds of the Councillors have voted.
