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Section 26C: Power of credit institutions to vary certain agreements.

The Interest-tax Act, 1974Central Act · Act 45 of 1974

[26C. Power of credit institutions to vary certain agreements.--Notwithstanding anything contained in any agreement under which any term loan has been sanctioned by the credit institution before the 1st day of October, 1991, it shall be lawful for the credit institution to vary the agreement, so as to increase the rate of interest stipulated therein to the extent to which such institution is liable to pay the interest-tax under this Act in relation to the amount of interest on the term loan which is due to the credit institution.

Explanation.--For the purposes of this section, "term loan" means a loan which is not repayable on demand.]

Where this provision sits

ActThe Interest-tax Act, 1974
Section26C
Marginal notePower of credit institutions to vary certain agreements.
JurisdictionCentral
StatusIn force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • substituted, Act 49 of 1991. . Subs. by Act 49 of 1991, s. 110, for sections 23 to 26 (w.e.f 1-10-1991).

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