Pb. Act V.1 a1 To mepusTRIES — Pb Act v, AID TO INDUSTRIES

1935 : Pb. Act V.1 a1 To mepusTRIES the premises, building, machinery and stock- and stry; the pr in-hand of the industry; io relating to the industry; (¢) to furnish full returns of all products manu-factured or sold, both as regards description to furnish full returns of all products factured or sold, both as regards description f and quantity; s in-hand of the industry; (b) to permit the inspection of all accounts elating o he industry; to relating to the industry; and quantity; (d) to maintain such special accounts and to fur- such statements as the Director may nish such from time statements as ime require ccount the Director may nish such statements as from time to time require; and the in from time to time require; and (e) to submit the accounts of the industry to such as the Director may prescribe. to submit the accounts audit as the Director may prescribe. If the Director, after any inspection provided If the borrower fails to comply with any order : it he .éé words "State rh od Himec : he words "State Government" by the Punjab 15ubstituted (c',?;,.ééarh od Himechal Pradesh) CAdaptation of ganisation {ate Subjects) No. 2 Order, 1968. 15ubstituted Reorganisation Laws on Concur word rh od Himechal Pradesh) CA {ate Subjects) No. 2 Order, 1968. Reorganisation Laws on Concurrent and S e — T Penalty for default in applying the loan, Power to adjust security during currency of loan, Power to cover loans. re- —— Appeal d to recover the loan in allow in this behalf, procee down in sections 23, 24 and 25. allow in this behalf, mth:ymanner laid down in sections 23, 24 and 25. Within ithi fifteen . days of ipt of a notic the receip Government e of 31. rnm The conditions of a guarantee by the '[Centra] nt] of a minimum return on the whole Government 31. The conditions of a guarantee by the '[Centra] e of i Government] of a minimum return on the whole or part U T of the capital of a joint stock company shall be— U T return on the whole of the capital of a joint stock company shall be— (a) that the industry shall be subject to the con. ditions of section 26 in respect of i that the industry shall be subject to the con. ditions of section 26 in respect of inspection, returns and accounts; n 26 returns and accounts; (b) that a minimum portion of capital of the industry to be the fixe authorized - according that a minimum portion of the authorized capital of the industry to be fixed according to the circumstances of each case has ital of the industr to the circumstances subscribe be of each according case has been mstances of each subscribed and paid in cash; (c) that no such guarantee shall in tend beyond a period of any case exno such guarantee shall in tend beyond a period of 5 years; (d) that during the period to which the guarantee extends, the ![Central Government] ma guarantee ; (e) that the '[Central Government] shall be en- titled to recover the whole or any part of the uring the period to which the guarantee extends, the ![Central Government] may im- pose on such persons as it considers to extends, the ![Central Government] may im- pose on such persons as it considers to be directly concerned in the promotion of the pose on such persons as it considers to be directly concerned in the promotion of the company, a condition that if they trans rectly concerned in the promotion of the company, a condition that if they transfer any of their shares without the consent of company, a condition that if they transfer any of their shares without the consent of the *[Central Government], they shall be liable any of their shares without the consent of the *[Central Government], they shall be liable jointly and severally to refund the ![Ce the *[Central Government] jointly and severally to Government] any sums hey shall be liable refund the ![Central aid to the compa jointly and severally to refund the ![Central Government] any sums paid to the company in fulfilment of the guarantee ; ent] any sums paid in fulfilment of the guarantee ; that the that the '[Central Government] shall be en- titled to recover the whole or any part of the sum paid by the *[Central Government o over the whole or any part of the sum paid by the *[Central Government] on account of such guarantee with interest at sum paid by the account of such the rate in forc *[Central Gover guarantee with n the date of t ment] on interest at agreeme ccount of such guarantee with interest at the rate in force on the date of the agreement for loans granted under the land Imp the rate in force on the date of the agreement for loans granted under the land Improve- ment Loans Act, 1883, at any time after such oans granted under the land Improve- ment Loans Act, 1883, at any time after such Reorganisation !Substituted Laws on Concur ganisation !Substituted (Chandigarh for the wo ent and State handigarh for the words "State Government" by the Punjeb and Himacha] Pradesh) Adaptation © Reorganisation (Cha Laws on Concurrent ds and Subj andigarh "State Government" by the Punjeb and Himacha] Pradesh) Adaptation © and State Subjects) No. 2 Order, 1968. cha] Pradesh) A No. 2 Order, 1968. period as may have been laid down in the agreement, provided that the ernment is satisfied that the *[Central company Gov- payagreement, provided that the *[Central Gov- ernment is satisfied that the company is paying or is able to pay interest or a dividend upon , the capital shown as paid in excess of such ing or is able to pay interest or a dividend upon the capital shown as paid in excess of such rate as may be fixed in the agreement and suph recovery shall be made in the manner laid down in sections 23, 24 and 25: Provided that the sum recoverable by the *(Central nment] in any one year shall not exceed ided that the sum recoverable by the *(Central Government] in any one year shall not exceed a sum equal to half the net profits made by the Government] in any one year shall not exceed a sum equal to half the net profits made by the company in the preceding year in excess of the a sum equal to half the net profits made by company in the preceding year in excess of the for the payment of interest or company in the preceding year in excess sum required for the payment of interest or dividend at the rate fixed in agreement. sum required for the payment dividend at the rate fixed in agreement. [A subsidy to a cottage industry or a village Subsidies. No borrower shall pay any dividend or distribute e n u; . t . n . in : in 34. . . . : e Notwithstanding anything contained elsewhere con u;rr::m;gded er, the '[Central Government] may, by the jrgustry, .

Section 1935