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158. Power of Corporation to borrow.
- The Corporation may, in pursuance of any resolution passed
by it, borrow by way of debenture or otherwise on the security of
any immovable property vested in it or proposed to be acquired
by it or of all or any of the taxes, rates, cesses, fees and charges
authorised by or under this Act any sums of money which may be required
(a) for acquiring any land which it has power to acquire;
(b) for erecting any building which it has power to erect:
(c) for the execution of any permanent work, the provision of any
plant, or the doing of any other thing which it has power to execute,
provide or do, if the cost of carrying out the purpose in question
ought
to be spread over a term of years;
(d) to pay off any debt due to the Government:
(e) to repay a loan previously raised under this Act or any other
Act previously in force: or
(f) for any other purpose for which the Corporation is. by virtue
of this
Act or any other law for the time being in force, authorised to
borrow:
Provided that :-
(i) no loan shah be raised without the previous sanction
of the Government or without previous publication of the application
for sanction under the Local Authorities Loan Act, 1914, and the
rules made thereunder: and
(ii) the amount of loan, the rate of interest and the terms
including the date of flotation, the time and method of the repayment
and the like shah be subject to the approval of the Government.
(2) When any sum of money has been borrowed under sub-section (1),
no portion of any sum of money borrowed for any of the purposes referred
to in Clause (c) of sub-section (1) shall be applied to the payment
of salaries and allowances to any Corporation officers or other Corporation
employees other than those exclusively employed in connection with
the carrying out of that purpose.
159. Time for repayment of money borrowed
under Section 158. - The time for the repayment of any
money borrowed under section 158 shall in no case exceed sixty years
and the time for repayment of any money borrowed for the purpose of
discharging any previous loan shall not, except with the express sanction
of the Government, extent beyond the unexpired portion of the period
for which such previous loan was sanctioned,
160. Form and effect of debentures.
All debentures issued under this Chapter shall be in such form as
the Corporation may, with the previous sanction of the Government,
determine and shall be transferable in such manner as shall be therein
expressed; and the right to sue in respect of the moneys secured by
any of such debentures shall vest in the holders thereof for the time
being without any preference by reason of some such debentures being
prior in date to others.
161. Payment to survivors of joint payees.
- When any debenture or security issued under this Act is payable
to two or more persons jointly, and either or any of them dies, then,
notwithstanding anything in Section 45 of the Indian Contract Act,
1872, the debenture or security shall be payable to the survivors
of such person:
Provided that nothing in this section shah affect any claim by the
legal representative of a deceased person against such survivor or
survivors.
162. Receipt by joint holders for the interest
or dividend. - When two or more persons are joint holders
of any debenture or security issued under this Act. any one of such
persons may give an effectul receipt for any interest or dividend
payable in respect of such debenture or security, unless notice to
the contrary has been given to the Corporation by the order of such
persons.
163. Maintenance and investment of sinking
funds. -( 1 ) The Corporation shall maintain sinking funds
for the repayment of money borrowed on debentures issued and shah
pay every year into such sinking funds such sum as will be sufficient
for the repayment within the period fixed for the loan of all moneys
borrowed on the debentures issued
(2) All moneys paid into the sinking funds shall, as soon as
possible, be invested by the Commissioner in public securities and
every such investment shall be reported by the Commissioner to the
Corporation within fifteen days.
(3) All individends and other sums received in respect of any such
investment shall, as soon as possible after receipt, be paid into
the sinking funds and invested into manner laid down in sub-section
{2).
(4) Any investment made under this section may, subject to the provisions
of sub-section (2), be varied or transposed.
164. Application of sinking funds.
- A sinking fund or any part thereof shall be applied in or towards
the discharge of the loan or a part of the loan for which such fund
was created, and until such loan or part is wholly discharged shall
not be applied for any other purpose.
165. Annual statement by Commissioner. -
( 1 ) The Commissioner shall. at the end of every year, submit
to the Corporation a statement showing
(a) the amount which has been invested during the year
under section 163:
(c) the date of the last investment made previous to the submission
of the statement
(d)the aggregate amount of the securities then in his hand; and
(e) the aggregate amount which has up to the date of the statement
been applied under Section 164, in or towards discharging loans.
(2) A copy of every such statement shall also be submitted to the
Government.
166. Priority of payment for interest and
repayment of loans over other payments - All payment due
from the Corporation for interest on and repayment of loans shall
be made in priority to all other payments due from the Corporation.
167. Attachment of Corporation Fund for recovery
of money borrowed from Government. - ( 1 ) If any money
borrowed or deemed to have been borrowed by the Corporation from the
Government or any interest or costs due in respect thereof be not
repaid according to the conditions of the loan, the
Government may attach the Corporation Fund or any part thereof.
(2) After such attachment no person except an officer appointed in
this behalf by the Government shall in any way deal with the attached
fund; but such officer may do all acts in respect thereof which any
municipal authority, officer or other employee might have done if
such attachment had not taken
place, and may apply the proceeds in satisfaction of the arrears and
of all interests and costs due in respect thereof and of all expenses
caused by the attachment and subsequent proceedings:
Provided that no such attachment shah defeat or prejudice any debt
for which the fund was previously charged in accordance with law;
and all such prior charges shall be paid out of the proceeds of the
fund before any part of the proceeds is applied to the satisfaction
of the debt due to the Government.
168. Power to make regulations. -
The Corporation may make regulations to carry out the purposes of
this Chapter including, in particular, the issue of duplicate in case
of loss of debentures by theft, destruction or other. wise, and renewal
of debentures on payment of fees prescribed in this behalf by such
regulations.
169. Property vested in Corporation and management
of public institutions. - (1) Subject to any special reservation
made or to any specific conditions imposed by the Government, all
property of the nature hereinafter in this section specified and situated
within the City, shall vest applicable at thin and be under the control
of the Corporation, and with all other property which vests in the
Corporation by virtue of the provisions of this Act or another law
for the time being in force, shall be held and applied by it for the
purposes of this Act, that is it say
(a) all such public town walls, gates markets, stalls,
slaughter houses, manure and night-soil depots and public buildings
of every description as Dave been constructed or are maintained
out of the Corporation Fund;
(b) all public streams, springs and works for the supply storage
and distribution of water for public purposes, and all bridges,
buildings, engines, materials and things connected therewith Or
appertaining, thereto, and also any adjacent land (not being private
property) appertaining to any public tank or well;
(c) all public sewers and all drains, and sewers, drains, culverts
and water courses in or under any public street, or constructed
by or for the Corporation alongside any public street, and all works
materials and things appertaining thereto;
(d) all public lamps, lamp-posts, and apparatus connected therewith
or appertaining thereto;
(e) all land or other property transferred to the Corporation by
the Government or acquired by gift. purchase or otherwise for public
purchase or otherwise for public purposes;
(f) all public streets, not being land owned by Government and the
pavements, stones and other materials thereof, and also trees growing
on, and erections, materials, implements and things provided for,
such streets.
(2) Where any immovable property is transferred otherwise than by
sale by the Government to a Corporation for public purposes, it shall
be deemed to be a condition of such transfer, unless specially provided
to the contrary that should the property be at any time resumed by
Government the compensation payable therefor, shall notwithstanding
anything to the contrary in the Land Acquisition Act, 1894,
in no case exceed the amount, if any paid to the Government for the
transfer, together with the cost or the present value whichever shall
be less, of any buildings erected other works executed on the land
by the corporation.
(3) The Corporation shall maintain a register and a map of immovable
property of which it is the proprietor or which vests in it. or which
it holds in trust for the Government.
(4)The management, control and administration of every public institution
maintained out of the Corporation Fund shall vest in the Corporation.
(5) When any public institution has been placed under the direction,
management and control of the Corporation, all property, endowments
and funds belonging thereto shall be held by the Corporation in trust
for the purposes to which such property, endowments and funds were
lawfully applicable at the time when the institution was so placed:
Provided that the extent of the independent authority of the Corporation
in respect of any such institution may be prescribed by the Government:
Provided further that nothing in this section shall be held to prevent
the Vesting of any trust property in the treasurer of Charitable endowments
under the Charitable Endowments Act, 1890. |
