Section 4:
Power to Government to make rules.
(1) The1[appropriate Government] may makeles
consistent with this Act as to-
(i) the nature of the funds on the security of which money may be borrowed;
(ii) the works for which money may be borrowed;
(iii) the manner of making applications for permission to borrow money;
(iv) the inquiries to be made in relation to such loans, and the manner of conducting such inquiries;
(v) the cases and the forms in which particulars of applications and proceedings, and orders
thereon, shall be published;
(vi) the cases in which the 1[appropriate Government] may make loans 2* * *;
3[(vii) the cases in which local authorities may take loans from persons other than the 1[appropriate Government];]
(viii) the manner of recording and enforcing the conditions on which money is to be borrowed;
(ix) the manner and time of making or raising loans;
(x) the inspection of any works carried out by means of loans;
(xi) the installments, if any, by which loans shall be repaid, the interest to be charged on loans, and the manner and time of repaying loans and of paying the interest thereon;
(xii) the sum to be charged against the funds which are to form the security for the loan, as costs in
effecting the loan;
(xiii) the attachment of such funds, and the manner of disposing of or collecting them;
(xiv) the accounts to be kept in respect of loans;
(xv) the utilization of unexpended balances of loans either in the reduction in any way of the debt of
the local authority, or in carrying out any works which that authority is legally authorized to carry out; and the sanction necessary to such utilization;
and as to all other matters incidental to carrying this Act into effect
4* * * *
(3) All rules made under this Act shall be published 5[* * *] in the Official Gazette; and on such
publication, shall have effect as if enacted in this Act.
6[(4) Every rule made by the Central Government under this Act shall be laid, as soon as may be after
it is made, before each House of Parliament, while it is in session, for a total period of thirty days which
may be comprised in one session or in two or more successive sessions, and if, before the expiry of the
session immediately following the session or the successive sessions aforesaid, both Houses agree in
making any modification in the rule or both Houses agree that the rule should not be made, the rule shall
thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that
any such modification or annulment shall be without prejudice to the validity of anything previously done
under that rule.]
Notes:
1.Subs. by the A.O. 1937, for L. G.
2.Certain word rep. by Act 38 of 1920, s. 2 and Sch. I.
3.Subs. by s. 2 and Sch. I, ibid., for the original clause.
4.Sub-section (2) rep. by Act 38 of 1920, s. 2 and Sch. I.
5. Certain words rep. ibid., s. 2 and Sch. I.
6. Ins. by 20 of 1983, s. 2 and Sch. (w.e.f 15-3-84)