Amendment status not verified — confirm the current text below against the official source.
(1) For taking up land development and other works mentioned in sub-clause (a) of clause (3) of section 15 in the lands in the possession of ineligible persons, the Authority may raise loans on their behalf from a credit agency on such terms and conditions as may be mutually agreed upon between the Authority and the credit agency concerned for the purpose of meeting the cost of carrying out such development as may be provided for in the scheme: Provided that the loans so raised shall be deemed to have been raised with the consent of the ineligible persons concerned. Explanation.-- Subject to such rules as may be made in this behalf, the cost of land development for the purpose of this section includes such cost of survey, supervision and any other amount as may be determined by the Authority. (2) Notwithstanding anything contained in any law for the time being in force, the loan referred to in sub-section (1) shall be a first charge on the lands in the possession of the ineligible persons concerned. (3) The amount to be recovered from each ineligible person shall be the entire cost of work carried out in his land and the same shall be re-covered with interest at such rate and in such number of annual instalments as may be fixed by the Authority and if not recovered in the usual course shall be recovered as arrears of public revenue due on lad. (4) The Authority shall be liable to repay the loan borrowed under sub-section (1) from the credit agency in accordance with the terms and conditions of repayment as agreed upon at the time of borrowing.