Amendment status not verified — confirm the current text below against the official source.
Security fo1· Ioar:.--(1) All assets purchased with or created trom the Joan shall be deemerl to be n°0rtgaged or hypothecated, as the case may he, to Government for the repav;nent of the loan with intercgt due thereon and the amount of the Joan and the interest thereon shall be ~he first charge on such assets. (2) Subject to sub-sec-tim1 (1) al:>OVf\ t!ie borrower shall not without the prior approval of the sanctioning authority mortgage, convey or otherwise trans- fer any of his interests in the whole er any part of the assets purchased with or created from the loan : Provided that no~hin g in this ~ec ti o n sh..ill affect the borrower's right to sell such articles of his stock-in-trade as are meant for sale to customers in the normal course of business. 2 Inserted by Assam Act XX of 1951. j : l 384