Section 85:
Power of Board to take temporary loans or overdrafts.
Notwithstanding anything contained
in this Act, a Board may borrow moneys by means of temporary overdraft or otherwise by pledging the
securities held by the Board in its reserve funds or on the security of the fixed deposits of the Board in its
banks:
Provided that such temporary overdrafts or other loans--
(a) shall not at any time have a longer currency than six months; and
(b) shall not be taken, without the previous sanction of the Central Government, if at any time in
any year the amount of such overdrafts or other loans exceeds 1[such amount as the Central
Government may fix in this behalf and different amounts may be fixed with respect to different
Boards]:
Provided further that all moneys so borrowed by temporary overdrafts or otherwise shall be expended
for the purposes of this Act.
Notes:
1. Subs. by Act 17 of 1982, s. 14, for "such amount not exceeding ten lakhs of rupees, as the Central Government may fix in this
behalf" (w.e.f. 31-5-1982).