Section 12A
Power of Corporation to borrow money.
The National Co-operative Development Corporation Act, 1962
About this Act
An Act to provide for the incorporation and regulation of a corporation for the purpose of planning and promoting programmes for the production, processing, marketing, storage, export and import of agricultural produce, foodstuffs industrial goods, livestock, certain other commodities and services on co-operative principles and for matters connected therewith or incidental thereto.
1[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.
(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.]
(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.
(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.]
Notes
1. Ins. by Act 3 of 1974, s. 11 (w.e.f. 1-4-1974).