Gujarat Provincial Municipal Corporations Act, 1949
(1) Notwithstanding anything contained in sections 109 and 110, the Corporation may, with the previous sanction of the State Government and on such terms and conditions as the State Government may impose, take from any bank or banks, credit on cash account to be opened and kept with such bank or banks in the name of the Corporation for a sum as may be fixed by the State Government from time to time on the security of all or any of the taxes which the Corporation is authorised to levy for the purpose of this Act. (2) The Corporation may also with the previous sanction of the State Government and on such terms and conditions as the State Government may lay down, mortgage any lands or property vesting in or belonging to the Corporation in security of the payment of the amount of such credit or of the sums advanced from time to time on such cash account with interest thereon.