(1)

Notwithstanding anything contained in sections 106, 108 and 109 the corporation may, with the previous sanction of the [ [State] Government] and for the purpose of discharging any liability arising out of the transfer to the corporation of the powers, duties, assets and liabilities of the Board of Trustees constituted under the City of Bombay Improvement Trust Transfer Act, 1925, take from any bank or banks credit on a cash account to be opened and kept with such bank or banks in the name of the corporation, for a sum not exceeding in the aggregate fifteen lakhs of rupees on the security of all or any of the taxes which the corporation are authorised to levy for the purposes of this Act,

(2)

The corporation may also, with the previous sanction of [ [State] [The words 'Provincial Government' were substituted for the words 'Local Government' by the Adaptation of Indian Laws Order in Council.] Government] and subject to the provisions of this Act, mortgage any lands of property vesting or revesting or belonging to the corporation in security or the payment of the amount of such credit or of the sums advanced from time to time on such cash account with interest thereon.