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Section 3

Repealed by Adaptahon of Laws ~rnendmen~ Ordcr or 1951.

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3. Repealed by Adaptahon of Laws ~rnendmen~ Ordcr or 1951. f (dl to maintain such special accounts and to furnish such statements as Ihe Direcror may from lime to time require; and (e) 10 submil the account5 of Ihc industry to such audit as thc Ilirector may prescribe. It Ihe Director, afkr any inspection provided for in section 26, js not satisfied that the money lent is being applied to lhc purpose or purposes for which the loan was granted or that the conditions on which [he loan was- granted are being duly fulfilled, he may declare. notwithstanding anything contained in the deed executed under section 21 that the loan is immediately repayable and shall give notice of such declaration to the borrower. If at any time during Ihe currency of the Ioan, ~e value of the security falls below the outstanding balance of the loan, the Dircctor may eilher proceed to recoverin the manner laid down in sections 23,24 and 25 so much of such -balance as is not adequaiely covered by the lhcn cxisting value of the security or accept such additional or collateral s~curily as he may deem suIficicnl. 29.. If the borrower fails to comply with-any order under clause (a) of section- 26 or does not permit or; obstructs the inspection of the accounls rclative ro the industry or makes default in respect of any or the particulars sepcified in clauses (c), (d) and (e) of the said section, or if the borrower disposes of any profirs in contravention of the provisions of section 33, the Director may, after considering any representation the borrower may make withiri such time as the '[State] CiovcmmenL may allow in this behalf, proceed. 10 recovcr the loan in thc manner laid down in seclions 23.24 and 25. Within fif'lcen days of the reccipt of a notice under sectioas 27.28 or-29, he borrower may appeal against such ardcr to the '[State] Government and the decision of thc '[State] Governmen1 thereon shall be final. The conditions of a grlarantee by the '[S tak] Government of a minimum return on the whole or of the capital of a joint stock company shall bc- a} tha~ Lhe industry shall be subject to the conditions of seclion 26 in respect of inspection, returns and accounts ;