Section 5. See now s. 31 of the Reserve Bank of India Act, 1934 (2 of 1934)

5. See now s. 31 of the Reserve Bank of India Act, 1934 (2 of 1934). 6. Subs. by the A. O. 1937, for "G. G. in C." months, for any purpose for which such local authority may lawfully borrow money under any law for the time being in force: Provided that the amount of the bills or promissory notes which may be so issued, shall not exceed, when the amount of the other moneys for the time being borrowed by such local authority is taken into account, the total amount which such local authority is empowered by law to borrow. (2) The[1] [appropriate Government] may, by general or special order, regulate the conditions on which money may be borrowed or repaid under this section. 5. Certain word rep. by Act 38 of 1920, s. 2 and Sch. I. 6. Subs. by s. 2 and Sch. I, ibid ., for the original clause. (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. * * * * * (3) All rules made under this Act shall be published 2[* * *] in the Official Gazette; and on such publication, shall have effect as if enacted in this Act. 3[(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.]