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Section 6: The G overnm ent or the authorities em pow ered to sanction the loan m ay grant loan to a Sm all or C ottage Industry on the fo l­ low ing term s

The Assam Aid to Industries (Small and Cottage Industries) Act, 1955State Act of Assam · Act 2 of 1956

The grant of a loan is to be secured and repaid in the prescribed manner and upon such terms as may be fixed by the order granting i t :

Provided that no such loan shall exceed upto a maximum of 75 per cent of the total value of the security as prescribed. Security may also include personal security:

Provided also that notwithstanding anything contained in this Act, and subject to such rules as may be prescribed, the Director of Cottage Indus­ tries may in cases of loans not exceeding Rs.1,000 issue the loan only on the personal security of the borrower, with or without a surety or sureties.

Government or the authority empowered to issue loan may lease machi­ neries and equipments necessary for the purpose of the industry to the ap­ plicant on hire purchase system, on execution of the bond in the prescribed form.

Where this provision sits

ActThe Assam Aid to Industries (Small and Cottage Industries) Act, 1955
Section6
Marginal noteThe G overnm ent or the authorities em pow ered to sanction the loan m ay grant loan to a Sm all or C ottage Industry on the fo l­ low ing term s
JurisdictionState of Assam
StatusIn force as published by the source

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