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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 hold by the Board in its reserve funds or on the security of the fixed deposits of the Board in its banks :

Provide that such temporary overdrafts or other loans-

(a) shall not at any time have a loner currency thin six months; and

(b) shall not be taken, without previous sanction of the Central Government, if at any time in any year the amount of such overdrafts or other loans exceeds 81[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.

 

 

 

 

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