Section 24 in The Jammu and Kashmir State Agricultural Produce Marketing (Regulation) Act, 1997
24. Power to borrow.
(1)A market committee may, with the previous sanction of the Director/Board, raise money or issue debentures required for carrying out the purposes for which it is established on the security of any property vested in it and of any fees leviable by it under this Act.(2)The market committee may, for the purpose of meeting the initial expenditure on lands, buildings, staff and equipments required for establishing the market, obtain a loan from the Government or marketing Board or other financial institution.(3)The conditions subject to which money or loan under subsection (2) shall be raised or obtained and the time within which the same shall be repayable shall be subject to the previous sanction of the Government.
