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The Road Transport Corporations Act, 1950 26. Borrowing powers. A Corporation may, with the previous approval of the State Government, borrow money for the purpose of raising its working capital or meeting any expenditure of a capital nature in the open market or from a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, or section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980, a State Finance Corporation, established under section 3 of the State Financial Corporations Act, 1951, the Industrial Finance Corporation of India, established under section 3 of the Industrial Finance Corporation Act, 1948, the Industrial Development Bank of India, established under section 3 of the Industrial Development Bank of India Act, 1964, the Life Insurance Corporation of India, established under section 3 of the Life Insurance Corporation Act, 1956, or any other financial institution providing credit which is subject to the control, of the Reserve Bank of India.]    |
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