Lawgist12Business of the Administration
1[12. Business of the Administration.—The Administration may—
(a) subject to the provisions of section 13, advance loans;
(b) guarantee, on such terms and conditions as may be agreed upon, losses which a scheduled bank may suffer in respect of any loan advanced by it and approved by the Administration:
Provided that the total amount which may be guaranteed in respect of any scheduled bank and the terms and conditions on which such guarantee may be given shall be subject to the prior approval of the Central Government:
Provided further that the maximum liability of the Administration under such guarantee shall not exceed the amount for the time being available under clause (b) of sub-section (1) of section 11;
(c) do all such acts and things as may be incidental to or consequential upon the performance of its functions under this Act including the running of the Administration.
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1. Subs. by Act 36 of 1953, s. 3, for section 12.
- 1 Short title, extent and commencement
- 2 Definitions
- 3 Establishment and incorporation
- 4 Constitution of the Administration
- 5 Advisory Board
- 6 Terms of office of the members of the Administration and the Advisory Board
- 7 Disclosure of interest
- 8 Removal from membership
- 9 The Chief Administrator
- 10 Staff
- 11 Funds of the Administration
- 12 Business of the Administration
- 13 Loans
- 14 Power to call for repayment before agreed period
- 15 Mode of recovery
- 16 Accounts and audit
- 17 Power of inspection
- 18 Returns
- 19 Power of Central Government to give direction
- 20 Exemption from taxes
- 21 Liquidation of the Administration
- 22 Delegation
- 23 Power to make rules
- 24 Power to make regulations
- 25 Laying of rules and regulations before Parliament
