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14. Power 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.

Rehabilitation Finance Administration Act, 1948 Back

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