Section 100. Zila Panchayat to be local authority under the Local Authorities Loans Act, 1914

100. (1) A 1[Zila Panchayat] shall be deemed to be a local authority as defined in the Local Authorities Loans Act, 1914, and shall be subject to all its provisions and the rules made thereunder for the purpose of borrowing money under this Act. (2) Subject to the provisions of section 31 of the Reserve Bank of India Act, 1934 and with the previous sanction of the State Government a 1[Zila Panchayat] may raise loans in the open market by the issue of debentures in the manner and for the objects and subject to the conditions, including the condition of maintaining a sinking fund, to be prescribed by rules.