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Section 12 – The Rehabilitation Finance Administration Act,1948

The Rehabilitation Finance Administration Act,1948

Section 12. Business of the Administration

1[Business of the Administration. The administration may-

(a) Subject too the provisions of section 13, advance loans;

(b) Guarantee, on such terms and conditions as may be agreed upon, losses which scheduled bank may suffer in respect of any loan advanced by it and approved 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) 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 or the Administration.]

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1. Subs by Act 36 of 1953, s.3.for the original s.12.

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The Rehabilitation Finance Administration Act,1948

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