Lawgist14Power to call for repayment before agreed period
Notwithstanding any agreement to the contrary, the Administration may, by notice, require any borrower forthwith to repay in full with interest thereon any loan borrowed from it,—
(a) if it appears to the Administration that false or misleading information in any material particular was given by the borrower for obtaining the loan or while furnishing any information under section 17; or
(b) if the borrower has failed to comply with the terms of the contract with the Administration in the matter of the loan; or
(c) if there is a reasonable apprehension that the borrower is unable to pay his debts or that insolvency proceedings or proceedings for liquidation may be commenced against him; or
(d) if for any other reason it is necessary in the opinion of the Administration to protect the interests of the Administration.
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- 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
