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Section 10 -Air Corporations Act, 1953

Air Corporations Act, 1953

 

 

10. Capital of the Corporations.—

 

(1) All non-requiring expenditure incurred by the Central Government for, or in connection with, each of the Corporations up to the date of establishment of that Corporation and declared to be capital expenditure by that Government, shall be treated as capital provided by the Central Government to that Corporation.

 

(2) The Central Government may provide any further capital that may be required by either of the Corporations for the carrying on of the business of the Corporation or for any purpose connected therewith on such terms and conditions as the Central Government may determine.

 

(3) Each of the Corporations may, with the consent of the Central Government, or in accordance with the terms of any general authority given to it by the Central Government—

 

(a) borrow money for all or any of the purposes of the Corporation, and

 

(b) secure the payment of any money borrowed by it or any interest thereon by the issue of bonds, debentures, debenture-stock or any mortgage or charge or other security on the undertaking of the Corporation or any part of it or on any of its properties.

 

 

 

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Air Corporations Act, 1953

 

Indian Laws – Bare Acts

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