Amendment status not verified — confirm the current text below against the official source.
Consequence of failure by borrower to comply with provisions of section 7.- If any borrower fails without reasonable cause to comply with any order or to furnish any information as required by section 7, or if the controlling authority after inspection provided for in section 7, or otherwise is satisfied that the money lent is not being applied to the purpose or purposes for which it was lent or that any condition on which it was granted is not being duly fulfilled, the controlling authority may declare, notwithstanding anything contained in the bond executed by the borrower, that the loan shall be immediately recoverable and shall give notice of such declaration to the H. P. BACKWARD CLASSES (GRANT OF LOANS) ACT, 1969 4 borrower.