Lawgist20Power to call for repayment before agreed period
Notwithstanding anything to the contrary contained in any agreement, the National Housing Bank may, by notice in writing, require any borrowing 1[institution] to discharge forthwith in full its liabilities to the National Housing Bank--
(a) if it appears to the Board that false or misleading information in any material particular was given in the application for the loan or advance; or
(b) if the borrowing 1[institution] has failed to comply with any of the terms of the agreement with the National Housing Bank in the matter of the loan or advance; or
(c) if there is a reasonable apprehension that the borrowing 1[institution] is unable to pay its debts or that proceedings for liquidation may be commenced in respect thereof; or
(d) if for any reason, it is necessary so to do to protect the interests of the National Housing Bank.
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1. Subs. by Act 15 of 2000, s. 12, for "housing finance institution" (w.e.f. 12-6-2000).
- 14 Business of the National Housing Bank
- 15 Borrowings and acceptance of deposits by National Housing Bank
- 16 Loans in foreign currency
- 16A Assistance to borrower when to operate or a charge in the property offered as security
- 16B Amount and security to be held in trust
- 17 Power to transfer rights
- 18 Power to acquire rights
- 18A Exemption from registration
- 18B Recovery of dues as arrears of land revenue
- 19 Power to impose conditions for accommodation
- 20 Power to call for repayment before agreed period
- 21 National Housing Bank to have access to records
- 22 Validity of loan or advance not to be questioned
- 23 National Housing Bank not to make loans or advances against its own bonds or debentures
- 24 Power to inspect
- 25 Power to collect credit information
- 26 Power to publish information
- 27 Advisory services
