section 5
Security for repayment of loans
The Himachal Pradesh Backward Classes (Grant of Loans) Act, 1969Finance196914 sections
Statutory text
- (1) When a loan is sanctioned under sub-section
- (2) of section 4, the applicant shall execute a bond in the prescribed form,-
- (a) undertaking to apply the amount of the loan to the purpose or purposes for which it has been sanctioned;
- (b) undertaking to fulfil the conditions on which the loan has been sanctioned; and
- (c) agreeing that the amount of the loan shall be recoverable in the prescribed manner if it is not used for such purpose or purposes or if there is any breach of such conditions.
- (2) For the loan so sanctioned, the applicant shall furnish one surety and the person and property of the applicant as well as of the surety shall be liable for the repayment of the loan and costs, if any, incurred in granting or recovering the loan:
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