Section 115 in The M.P. Panchayat Raj Avam Gram Swaraj Adhiniyam, 1993
115. Power of Panchayat to borrow money.
- Subject to the restrictions contained in any enactment for the time being in force relating to raising of loans by local authorities, a Panchayat may, with the previous sanction of the State Government raise a loan for carrying out the purposes of this Act :Provided that nothing contained in the Local Authorities Loans Act, 1914 (No. 2 of 1914) or the Madhya Bharat Local Authorities Loans Act Samvat, 2007 (1950) (No. 64 of 1950) and rules made under the aforesaid enactment shall apply in respect of loan taken from the Government or any other authority constituted under any law for the time being in force and which is in respect of a grant from the State Government.
