Powers to call for repayment before agreed period

Finance194917 sections

Statutory text

(1) Notwithstanding any agreement to the contrary, the Controlling Authority may, after serving by post a notice on the borrower and considering any representation, which the borrower may make within seven days from the date of the receipt of the notice, order any borrower forthwith to repay in full with interest thereon any loan borrowed from it,—
- (a) if the borrower fails to comply with an order under section 7, or section 8, or if it appears to the Controlling Authority that false or misleading information in any material particular was given by the borrower for obtaining the loan or while furnishing any information under section 7 or section 8; or
- (b) if the borrower has failed to comply with the terms of the bond with the Controlling Authority in the matter of the loan; or
- (c) if there is a reasonable apprehension that the borrower is unable to pay his debts or that insolvency proceeding or proceedings for liquidation may be commenced against him; or
- (d) if for any other reason it is necessary in the opinion of the Controlling Authority to protect the interests of the State Government.
(2) A copy of the order shall be served on the borrower.

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