Section 49

Subject to any other written law, a local authority may from time to time obtain from any bank advances by way of overdraft and any such overdraft shall, unless covered by fixed deposits with the same bank, require the approval of the State Authority:

Provided that all moneys so advanced by the bank and any interest thereon shall constitute a debt due by the local authority and shall be a charge on the property and revenues, present and future, of the local authority, and the provisions of subsection 47(2) shall apply in all respects as if such advances were loans granted under section 47.