Application for State aid and procedure in dealing with applications.

(1) Any person desiring to obtain a loan or other aid for any industrial business or enterprise shall make his application to the Director of Industries in such form and shall furnish such information concerning his business as may be prescribed.

(2) If the extent of the aid applied for exceeds rupees fifty thousand and in any other case in which the Government considers this procedure necessary, the Director of Industries shall publish a notice in the prescribed manner calling upon any person who objects to the grant of the aid applied for to state his objections at a time or place to be specified, and shall hear such objection and make such inquiry as may be necessary.

(3) Every application for aid exceeding rupees ten thousand shall be placed before the Board for advice.

(4) No aid shall be granted under this Act if the Board, by unanimous resolution at a meeting, advises the rejection of the application for such aid.