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Section 13 – The Rehabilitation Finance Administration Act,1948

The Rehabilitation Finance Administration Act,1948

Section 13. Loans

(1) The Central Government may prescribe the limits as to amounts within which loans may be advanced by the Administration.

(2) For the purpose of advancing nay loan under sub-section (1), Administration may call for any report either through its own staff, or through the District Officer of the district in which the borrower resides or carries on business, or though any State. 1[***] Government, or through any bank or any other appropriate agency

(3) The Administration shall charge interest from the borrower at such rate not exceeding 6 per cent per annum as may be specified by it.

(4) The period of the loan shall not exceed 2[fifteen] years.

(5) The loan may be advanced either for fixed capital or working capital or working capital or for both.The assets created from the loan shall, notwithstanding any law or usage to the contrary, be deemed to be mortgaged to the Administration for the repayment of the loan together with the interest thereon and the amount of the loan and the interest thereon shall be first charge on such assets.

(6) The Administration may also take such further security for any loan as it may consider necessary.

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1. The words “or a State” omitted by Act 36 of 1957, s.3 and Sch.II.

2. Subs. by Act 36 of 1953, s.4, for “ten”

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The Rehabilitation Finance Administration Act,1948

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