Section 73 in West Bengal Municipal Corporation Act, 2006
73. Power of Corporation to open credit account with bank.
- Notwithstanding anything contained in section 71, whenever the raising of any loan has been sanctioned by the State Government under that section, the Corporation may, instead of raising such loan or any part thereof from the public, take credit, on such terms as may be approved by the State Government, from any bank on a cash account to be kept in the name of the Corporation Cash Account to the extent of such loan or any part thereof and, with the sanction of the State Government, may grant mortgage of all or any of the properties vested in the Corporation by way of securing the repayment of the amount of such credit or of the sum advanced on such cash account with interest.
