(1) A Panchayat Samiti may subject to the
provisions of any law relating to the raising of lo ans by local authorities for the
time being in force raise from time to time with th e approval of the State
Government, loans for the purposes of this Act and create a sinking fund for
the repayment of such loans.
(2) A Panchayat Samiti may borrow money from the Government or,
with the previous sanction of the Government from b anks or other financial
institutions for furtherance of its objective on th e basis of specific schemes as
may be drawn up by the Panchayat Samiti for the purpose.
Section 56 • THE BIHAR PANCHAYAT RAJ ACT, 2006
Section 56. Loans and Sinking Funds
bihar-panchayat-raj-act-2006-sec-56.json
•
Section 56
{
"act_title": "THE BIHAR PANCHAYAT RAJ ACT, 2006",
"act_slug": "bihar-panchayat-raj-act-2006",
"section_label": "Section",
"section": {
"number": "56",
"title": "Section 56. Loans and Sinking Funds",
"chapter": null,
"content": "(1) A Panchayat Samiti may subject to the \nprovisions of any law relating to the raising of lo ans by local authorities for the \ntime being in force raise from time to time with th e approval of the State \nGovernment, loans for the purposes of this Act and create a sinking fund for \nthe repayment of such loans. \n (2) A Panchayat Samiti may borrow money from the Government or, \nwith the previous sanction of the Government from b anks or other financial \ninstitutions for furtherance of its objective on th e basis of specific schemes as \nmay be drawn up by the Panchayat Samiti for the purpose.",
"footnote": "",
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"sort_order": 600
},
"prev_section": "55",
"next_section": "57"
}