Amendment status not verified — confirm the current text below against the official source.
Every loan granted to an industry shall, sub- Loan how to ject to the provisions of section 8, be secured by a seCUrC. mortgage or a floating charge upon the property of the industry subject to any oncambrances existing at the time when the loan is granted and of such colla- teral security, if any, as the State Government may require. Explanntion-For the purposes of this section the "property of an industry" shall not include raw materials acquired for the purposes of finished goods produced by or the stock in trade or other floating assets of the industry.