Section 167 in The Orissa Municipal Corporation Act, 2003
167. Power of Corporation to raise short-term loan.
- Notwithstanding anything contained in this chapter, the Corporation may within the limits set by the comprehensive debt limitation policy framed under Section 164, from time to time, take a short term loan repayable within such period, not exceeding twelve months,from any scheduled bank, for such purpose, not being a purpose referred to in Sub-section (1) of Section 165, on such terms and on furnishing such security for the repayment of such loan, as may be approved by the State Government.
