a) The main objectives for which the company is incorporated are:
i) To provide such financial assistance by way of loans and advances to Urban and Rural Local Bodies in the State for their developmental schemes as the company considers necessary.
ii) To provide technical or any other assistance and guidance to Urban and Rural Local Bodies in the matter of their developmental schemes, including implementation of the Master Plans prepared for the Urban and Rural Local Bodies.
b) The objectives incidental or anciliary to the attainment of the above main objects are:
i) To receive loans, advances, grants or other moneys from the Central Government, State Government, Local Bodies, Banks, Companies, Co-operative Societies, Trusts or individuals with or without interest for the purpose of carrying on the business of the company.
ii) To lend or advance money either upon or without security and to borrow or raise or secure the payment of money in such manner as the Board of Directors may deem fit for achieving the objectives and in particular by the issue of debentures, debenture stock, bonds, deposits, obligations and securities of all kinds; but the company shall not carry on banking business within the meaning of Banking Regulation Act, 1949.