Section 71 in West Bengal Municipal Corporation Act, 2006
71. Power of Corporation to raise loan.
- The Corporation may, by a resolution passed at a meeting, raise loan, by the issue of debentures or otherwise on the security of the property tax or of all or any of the taxes, fees and dues under this Act, or on the guarantee by the State Government, of such sum of money as may be required-(a)for the construction of works under this Act, or(b)for the acquisition of land or building for the purposes of this Act, or(c)to pay off any debt due to the State Government, or(d)to repay a loan raised under this Act, or(e)for the acquisition of a public utility concern which renders such services as the Corporation is authorised to render under this Act, or(f)for the purchase of vehicles, locomotive engines, boilers, plants and machinery necessary for carrying out the purpose of this Act, or(g)for any other purpose for which the Corporation is authorised to borrow by or under this Act or any other law for the time being in force:Provided that no loan shall be raised without the previous sanction of the State Government and that the terms and conditions (including the period) of repayment of the loan shall be subject to the approval of the State Government.
