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Industrial Finance Corporation Act, 1948


29. Power to call for repayment before agreed period.

9*[Notwithstanding anything in any agreement to the contrary, the Corporation may, by notice in writing, require any industrial concern to which it has granted any loan or advance to discharge forthwith in full its liabilities to the Corporation,-]

  1. 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

  2. if the industrial concern has failed to comply with the terms of its contract with the Corporation in the matter of the loan or advance; or

  1. The words "of sale and realisation" omitted by Act 28 of 1955, s.19.

  2. Subs. by s. 19, ibid., for "as if the sale".

  3. Ins. by Act 78 of 1952, s. 17.4. Subs. by Act 74 of 1972, s. 16, for certain words.

  4. Subs. by Act 43 of 1957, s. 9, for "properly incurred by it".

  5. Certain words omitted by Act 74 of 1972, s. 16.

  6. Ins. by s. 16, ibid.

  7. The words "of the owner" omitted by Act 43 of 1957, s. 9.9. Subs. by Act 78 of 1952, s. 18, for certain original words.

  1. if there is a reasonable apprehension that the industrial concern is unable to pay its debts or that proceedings for liquidation may be commenced in respect thereof; or

  2. if the property pledged, mortgaged, hypothecated or assigned to the Corporation as security for the loan or advance is not insured and kept insured by the industrial concern to the satisfaction of the Corporation; 1*[or depreciates in value to such an extent that, in the opinion of the Board, further security to the satisfaction of the Board should be given and such security is not given;] or

  3. if without the permission of the Board, 1*[any machinery, plant or other equipment], whether forming part of the security or otherwise, is removed FROM the premises of the industrial concern without being replaced; or

  4. if for any reason it is necessary 2*** to protect the interests of the Corporation.
     



Industrial Finance Corporation Act, 1948 Back




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