Power to make rules.

§7

Summary

(1) The State Government may, by notification in the Official Gazette, make rules for carrying out the purposes of this Act. (2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for,- (a) the manner of making applications for loan, the form of the application and particulars of the form under sub-section (1), and the manner of conducting inquiries relating to such applications under sub-section (2), of section 4; (b) the nature and extent of security to be taken for the due application and repayment of money, the rate of interest at which and the conditions under which, loans may be granted, and the manner and time of granting loans; (c) inspection of works for which loans are granted; (d) the instalment by which and the mode in which, the loans, the rates of interest (including any penal interest), if any, to be charged on loans, and the costs incurred in the making thereof, shall be paid, under section 5; (e) the manner of keeping and auditing the accounts of the expenditure of loans, and of the payment made in respect of the same; (f) the valuation of securities; (g) the insurance of property mortgaged for securing the loan; (h) the form of agreement deed and mortgage deed in respect of the property offered as security for the loan; (i) all other matters pertaining to the working of the Act. (3) The rules made under this section shall be subject to the condition of previous publication. (4) All rules made under this section shall be laid for not less than thirty days before each House of the State Legislature as soon as possible after they are made and shall be subject to such modification as the State Legislature may make during the session in which they are so laid or the session immediately following, and publish in the Official Gazette.

(1) The State Government may, by notification in the Official Gazette, make rules for carrying out the purposes of this Act. (2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for,- (a) the manner of making applications for loan, the form of the application and particulars of the form under sub-section (1), and the manner of conducting inquiries relating to such applications under sub-section (2), of section 4; (b) the nature and extent of security to be taken for the due application and repayment of money, the rate of interest at which and the conditions under which, loans may be granted, and the manner and time of granting loans; (c) inspection of works for which loans are granted; (d) the instalment by which and the mode in which, the loans, the rates of interest (including any penal interest), if any, to be charged on loans, and the costs incurred in the making thereof, shall be paid, under section 5; (e) the manner of keeping and auditing the accounts of the expenditure of loans, and of the payment made in respect of the same; (f) the valuation of securities; (g) the insurance of property mortgaged for securing the loan; (h) the form of agreement deed and mortgage deed in respect of the property offered as security for the loan; (i) all other matters pertaining to the working of the Act. (3) The rules made under this section shall be subject to the condition of previous publication. (4) All rules made under this section shall be laid for not less than thirty days before each House of the State Legislature as soon as possible after they are made and shall be subject to such modification as the State Legislature may make during the session in which they are so laid or the session immediately following, and publish in the Official Gazette.

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