Loans granted under this chapter shall be — Pb Act v, AID TO INDUSTRIES

20. Loans granted under this chapter shall be ect to the sanction of the *[Central Government] 20. Loans granted under this chapter shall be subject to the sanction of the *[Central Government] given after consultation with the Finance D o the sanction of the *[Central Government] given after consultation with the Finance Department, provided that in regard to loans not exceeding a ven after consultation with the Finance Department, provided that in regard to loans not exceeding a pres- cribed amount, the *[Central Government] may ded that in regard to loans not exceeding a pres- cribed amount, the *[Central Government] may make rules delegating their powers to such auth amount, the *[Central Governmen rules delegating their powers to such officer as they deem fit. ake authority or delegating their p officer as they deem fit. Security eSyment. for Security for 2L. °[(1) (a) On the acceptance of an application SSeSyment. for a loan, the applicant shall execute a deed in the 2L for a pr . °[(1) (a) On the acceptance of an application loan, the applicant shall execute a deed in the ibed form, undertaking to apply the loan a loan, the applicant shall execute a deed in the prescribed form, undertaking to apply the loan to the purpose for which, and to fulfil the condition ibed form, undertaking to apply the loan to the purpose for which, and to fulfil the conditions on which, the loan is granted, rendering himself and purpose for which, and to fulfil the conditions on which, the loan is granted, rendering himself and such property as may have heen specified in the the loan is granted, rendering himself and such property as may have heen specified in the deed as security, including machinery purchased operty as may have heen specified in as security, including machinery purchased building constructed with the aid of or any the l rend as securit the building ev g event c ering including machinery purchased or any constructed with the aid of the loan, and in of such property being found insufficient, onstructed with the aid of the loan, and in of such property being found insufficient, the whole of his property liable for the event of such property being found insufficient, rendering the whole of his property liable for repay- ment of the loan with interest and costs, if an endering the whole of his property liable for repay- ment of the loan with interest and costs, if any, incur- rfid }iy the *(Central Government] in making or recovering of the loan with interest and costs, if any, incur- rfid }iy the *(Central Government] in making or recovering the loan. the loan. (b) No transfer, assignment or charge made or creat- fter the execution of the deed, in relation to the (b) No transfer, assignment or c ed after the execution of the deed, property specified ther arge made or creat- in relation to the inery pu xecuti property specified therein rel or machinery e purchgse " Reorganisation *Substituted Laws on Concur ted by ganisation *Substituted (Chandigarh for the wor ent and Stat Act, 1T of 1940, section 3., Chandigarh for the words "State Government" and Himeachal Pradesh). " the Maf ptation ds and e Sub Reorganisation (Chandigarh ords "State Government" the Maf and Himeachal Pradesh). (Adaptation Laws on Concurrent and State Subjects) No. 2 Order, 1968. chal Pradesh). (Ad No. 2 Order, 1968. 4 hiner “Inserted by Punjab Act, 1T of 1940, section 3., *Substituted for the words “State Govern b B | or building constructed with the aid of the loan, shall be valid against the '[Central Government] unless it has or building constructed with the aid of the loan, shall be valid against the '[Central Government] unless it has been made or created with the previous consent in be valid against the '[Central Government] unless it has been made or created with the previous consent in f the authority sanctioning the loan.] been made or created with the previous con writing of the authority sanctioning the loan.] When the application has been made by 2 *.The loan together with all interest due there- Loan how re- Such notice shall contain an intimation that Such notice shall contain an intimation that 24, (1) If within the time so fixed the sums due , the officer empowered under section 23 Fffect of dec- ration. 24, (1) If within the time so fixed the sums d are not paid, the officer empowered under section issue the declaration as described in sub-secti ue Fffect

Section 20