Lawgist logo - L! Lawgist.
The Manipur Municipalities Act

69Powers of the Nagar Panchayat or of the Council to borrow money

(1) A Nagar Panchayat or a Council may, with the previous sanction of the State Government and subject to such conditions as may be prescribed as to security, the rate of interest and the repayment of principal and interest, borrow either from the State Government or any financial institution, any sum of money required or empowered to undertake under the provisions of this Act.

(2) Nothing contained in sub-section (1) or the rules made thereunder shall apply to grants or loans or advance made to a Nagar Panchayat or to a Council by any department, office or authority of the State Government or by any local authority or by any other institution towards, and for the purpose of, the implementation, achievement and accomplishment of community development schemes and a Nagar Panchayat or a Council may accept any such grant or loan which shall be regulated and governed by the terms on which, and the conditions subject to which, the same is made or advanced.

Download our fully-offline, High speed android app.- Click here

Download the App Now!

Get our Android app for fast and offline Access.

Get it on Google Play
Lawgist is not a law firm and does not engage in the practice of law or provide legal advice or legal representation. All information, software, services, and comments provided on this site are for informational and self-help purposes only and are not intended to be a substitute for professional legal advice. Use of this site is subject to our Terms and Conditions, Disclaimer, and Privacy Policy.About Us Made in ♥ with India, Internet and Lots of Courtroom Dramas