(1) Where any amount is due to the Corporation from any person in respect of advance or other financial accommodation granted by it, such amount shall, on a certificate being granted by the managing director in the prescribed form, be recoverable as arrears of land revenue by the Collector of the district in which the person from whom the amount is due resides or carries on business or owns any property.
(2) Before issuing the certificate referred to in sub-section (1) the managing director shall make an application to such officer, as may be empowered by the State Government in this behalf and that officer shall, after giving an opportunity of being heard to the person concerned and after such further enquiry as he may consider necessary, by an order determine the amount due to the Corporation and communicate the same to the managing director.
(3) An appeal against an order passed by the officer empowered under sub-section (2) shall lie within such period and to such authority as may be prescribed.
(4) The officer empowered under sub-section (2) and the appellate authority shall follow such procedure as may be prescribed.
(5) The certificate issued by the managing director under subsection (1) shall be final and conclusive and shall not be called in question before any authority or court.
(6) For the purpose of recovering any amount due to the Corporation in respect of a loan it shall not be necessary to proceed against the principal before proceeding against his surety.
Dissolution.