Substituted for clausc (I) by he Yunjab ACL 39 of 1953. — Pb. Act V STATE AID TO INDUSTRIES - 249

4. Substituted for clausc (I) by he Yunjab ACL 39 of 1953. .. purchased or any building constructed with the aid of rhe loan. and in the cvcnt of such propefiy being found insulficient, rendering thc whole of his property liable for the repayment of the loan wilh intercsl and costs, if any, incurred by rhe State Government in making or rccovcring the loan. (b) No transfer, assignment, or charge made or created after the cxccution of the deed, in relation to the property specified herein or machinery purchased or building constructed with the aid of the loan, shall be valid against, the State Government unless it has been made or creakd wilh the previous consent in writing of he authority sanctioning thc loan.] When the application has been made by a fm or,campany the deed shall be executed by a duly authorized representative thereof ,-dnd the deed shall thereupon be deemed binding on the said firm or company and the property of the said firm or company shall bc liablc for Lhc rcpaymcn t 01 thc loan in he same manner as if thc loan had bcen granted . . lo an individual. , .. The loan, togelher with aU interest due thereon, if my; shall Loan how bc repayable either in a lump sum or by instalmenb as may be provided repayab1e. for in'the deed executed by the borrower under section 21. (l]Whenanyl~anorinslalmentor interesCthekonfallsdue Noiiceiopay. and is not paid on or before Ihe due date or when a loan has been'declarkd immediately repayable under section 27, the officer empowered by the I [State] Gdvement in this behalf may causc ro bc scrvcd on the borrower a n noLicc in Ihe..prescribed manner ,calling upon him to pay the sums-due wilhin such lime as may be fixed therein. Such notice shall contain an intimalion that in case of deraull the said officer will issue a declaration in the prescribed form showing the ainount of the debt due and the. property mentioned in the deed as liable to satisfy the same. . . (1) If within bc lime so fixed, the sums due are not paid. the officer empowered under section 23 may issue the declaration as described in sub-section (2) or the sank 'section. and such declaration shall be published in the 2[0fficial Gazette].

Section 4