CourtMesh

Section 7: Security

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

Notwithstanding anything in the Section 5 all assets pur­ chased with or created from the loan shall be deemed to be mortgaged or hypothecated, as the case may be, to the Government for the repayment of the loan with interest due thereon and the amount of the loan and the inte­ rest thereon shall be the first charge on such assets.

Provided that nothing in this sub-section shall affect the borrower’s right to sell such articles of his stock-in-trade as are meant for sale to custo­ mers in the normal course of business.

Where this provision sits

ActThe Assam Aid to Industries (Small and Cottage Industries) Act, 1955
Section7
Marginal noteSecurity
JurisdictionState of Assam
StatusIn force as published by the source

Find the provision, not just read it

The full text above is free, and it stays free. What a free CourtMesh account adds is everything you cannot do by reading one page at a time:

  • Search 49,000+ Central and State enactments by what a provision says, not by its number
  • Jump from any section to every judgment that has applied it
  • Search 300 million+ Indian court records alongside the statute
  • Ask a research agent to find and read the case law on a provision for you

Free account. No card. About a minute to create.

Create a free account

Need this as data, not as a page? The Assam Aid to Industries (Small and Cottage Industries) Act, 1955 is one of 49,000+ enactments on CourtMesh. The Indian court cases API serves the case law that cites these provisions over JSON, with API documentation and plans and pricing. See also the judgment library.