National Co-operative Development Corporation Act : Power of Corporation to borrow money. Indian Bare

National Co-operative Development Corporation Act,1962

Act No : 26

Section : Power of Corporation to borrow money.

3*[12A. Power of Corporation to borrow money. (1) The Corporation may, for the purposes of carrying out its functions under this Act, and with the previous approval of, and subject to the directions of the Central Government, borrow money from-- (a) the public by the issue or sale of bonds or debentures. or both, carrying interest at such rates as may be specified therein; (b) any bank or other financial institution: (c) any other authority, organisation or institution as may be specially approved by the Central Government in this behalf. --------------------------------------------------------------------- 1 The word "and" omitted by Act 3 of 1974, s. 10 (w.e.f. 7-4-1975). 2 Ins. by s. 10, ibid. (w.e.f. 7-4-1975). 3 Ins. by s. 11, ibid. (w.e.f. 7-4-1975). 86 (2) The Central Government may guarantee the repayment of the moneys borrowed by the Corporation under clause (a) or clause (b) or clause (c) of sub-section (1) and the payment of interest thereon and other incidental charges.]