Section 6. Issue of short term bills

6. Issue of short term bills .—(1) Subject to the provisions of section 26 of the Indian Paper Currency Act, 1910 5 (2 of 1910), the local authorities mentioned in Schedule I and any other local authority to which the[6] [appropriate Government] may, by notification in the Official Gazette, extend the provisions of this section, may, with the previous sanction of the[6] [appropriate Government], borrow money by means of the issue of bills or promissory notes payable within any period, not exceeding twelve 1. Sub-section (2) rep. by Act 38 of 1920, s. 2 and Sch. I .