17(4)

17(4)(a) The Corporation may, in pursuance of a resolution passed at a meeting of the Standing Committee thereof, and with the prior approval of the Central Government, raise loans for the purposes of the Code.

17(4)(b) In particular and without prejudice to the generality of the foregoing power, the Corporation may raise loans —

17(4)(b)(i) for the acquisition of land or the raising of buildings thereon or both, as the case may be; or (ii) to repay a loan raised under this sub-rule; or (iii) for any other purpose approved by the Central Government.

17(4)(c) All loans under this sub-rule shall be obtained —

17(4)(c)(i) from the Central Government on such rates of interest and such terms as to the time and method of repayment as the Central Government may specify; or (ii) with the approval of the Central Government from such bank or banks specified in rule 30.

17(4)(d) Where a loan is obtained from such bank or banks specified in rule 31, the Corporation may, with the approval of the Central Government, grant mortgages of all or any of the property vested in it for securing the repayment of the sums so advanced, with interest.

17(4)(e) All payments due from the Corporation for interest on, and repayment of, loans shall be made in such manner and at such times as may have been agreed upon: Provided that the Corporation may apply any sums, which can be so applied, in repayment of any amount due in respect of the principal amount of any loan although the repayment of the same may not be due.

17(4)(f) No expenditure incurred out of a loan shall be charged by the Corporation to capital, except with the previous sanction of the Central Government.

17(4)(g) The Corporation shall submit to the Central Government an annual statement by the thirtieth of April each year showing the loans raised and repayments made during the preceding year.