The PUNJAB BACKWARD CLASSES (GRANTS OF LOANS) ACT, 1957
chandigarh · 1957
The scanned source for this Act is imperfect — headings or section boundaries may be off. Verify against the official source.
- S. 1(1) This Act ma ' k- Short title, exten: y be called the Punjab Bac Ward Classes (Grant of Loans) Act, 1957
- S. 2Section defines key terms for the Punjab Backward Classes (Grants of Loans) Act, 1957, including "Backward Classes," "borrower," and "Controlling Authority."
- S. 3The amount of loan which may be granjed io borrower ‘under this Act shall not exceed two t ous rupees
- S. 4Section 4 allows members of Backward Classes to apply for loans up to ₹2,000, with the possibility of a surety exemption.
- S. 6Section 6 mandates borrowers to sign a bond committing to use loan funds as specified and repay it if misused.
- S. 7Section 7 details the repayment schedule for loans granted under the Punjab Backward Classes (Grants of Loans) Act, 1957.
- S. 8Section 8 mandates borrowers to comply with orders and provide information on loan utilization and inspections by the Controlling Authority.
- S. 9If the borrower fails without “reasonab ua, oily - (zi) if the Controlling Authority, after
- S. 10Il
- S. 13Section 13 protects government officials from legal action for actions taken in good faith under the Act.
- S. 14(1) The Government may make rules consistent with this Act for the carrying out of all or any of its pur- poses