Amendment status not verified — confirm the current text below against the official source.
°[(1) (a) On the acceptance of an application SSeSyment. for a loan, the applicant shall execute a deed in the prescribed form, undertaking to apply the loan to the purpose for which, and to fulfil the conditions on which, the loan is granted, rendering himself and such property as may have heen specified in the deed as security, including machinery purchased or any building constructed with the aid of the loan, and in the event of such property being found insufficient, rendering the whole of his property liable for repay- ment of the loan with interest and costs, if any, incur- rfid }iy the *(Central Government] in making or recovering the loan. (b) No transfer, assignment or charge made or creat- ed after the execution of the deed, in relation to the property specified therein or machinery purchgse “Inserted by Punjab Act, 1T of 1940, section 3., " *Substituted for the words “State Government” the Maf Reorganisation (Chandigarh and Himeachal Pradesh). (Adaptation Laws on Concurrent and State Subjects) No. 2 Order, 1968. b 4 1935 : Pb. Act V.] AID TO INDUSTRIES 963 or building constructed with the aid of the loan, shall be valid against the '[Central Government] unless it has been made or created with the previous consent in writing of the authority sanctioning the loan.] (2) When the application has been made by 2 firm or company the deed shall be executed by a dulv authorised representative thereof, and the deed shall thereupon be deemed binding on the said firm or com-= pany and the property of the said firm or company shall be liable for the repayment of the loan in the same manner as if the loan had been granted to an individual.