(1) The Commission may, in connection with its trading and other activities, enter into contracts provided provision therefor exists in the sanctioned budget.
(2) The Commission may authorise the Chief Executive Officer, the Financial Adviser or taking into account the recommendation of the Chief Executive Officer in this behalf any other officer of the Commission, such powers of entering into contracts on its behalf as it may think fit.
(3) Contracts made on behalf of the Commission shall not be binding on the Commission unless they arc executed by a person authorised under sub-rule (2) to enter into them and the seal of the Commission is affixed thereto.
I .'
['WTII ~3(i)] . ,(4) Any person authorized under sub-rule (2) to enter into 'contract~ on behalf of the Commission shall not be liable for any assurance or contract made on Its behalf: and any liabilities arising out of such assurance or contract shall be discharged from the moneys at the disposal of the Commission.
32. Power to sanction grants and subsidies> (I) The Commission shall disburse grants and subsidies in accordance with and at rates and on terms sanctioned by t~e Government in respect of each industry, from time to time. The Government may, on Its own motion or on the recommendation of the Commission, modify or supersede the financial rates and terms previously sanctioned.
(2) The Commission may reduce the rates at which grants and subsidies are payable in individual cases to such extent, as it thinks necessary, but shall not enhance such rates except with the prier approval of the Government.
(3) Grants and subsidies shall be paid only to:
'(a) a State Government;
(b) a Board established under any law for the time being in force for the development of khadi and village industries; ,
(c) a society registered under the Societies Registration Act, 1860 (21 of 1860) or under any other Jawfor the time being in force in any State;
(d) a Co-operative Society registered under the Co-operative Societies Act, 1912 (2 of 1912)or under any other law for the time being in force in any State;
(e) a gram or village panchayat, a panchayat samiti, a municipality, a zilla parishad or any similar body established under any State law for the time being in force; ,
(f) an authority set up under any Jaw for the time being in force relating to bhoodan or gramdan;
(g) a trust created for purposes of a charitable or religious nature;
(h) an individual or institution engaged in research in khadi and village industries, subject to the condition that a grant or subsidy to an individual should not exceed Rs,SO, 000 in anyone case and to an institution, it should not exceed Rs.lS,OO,OOOin anyone case. The ceiling of 'Rs.50,000 for' an individual and Rs.IS,OO,OOOfor an institution may, however, be exceeded with prior approval of Government;
(i) a specified agency as defined in theExplanation to section IS of the Act;
and
(j) any other individual, authority or body, in accordance with the approved pattern and within the ceilings communicated by the Commission 'to Government.
, 33. Power to grant loans.- (l) The Commission shall grant loans in accordance with the provisions of the loan rules for khadi and village industries made by the Government from time to time, and ill accordance with and at rates and on terms sanctioned by the Government in respectMeach industry from time to time. .
(2) The Commission shall not be competent to modify, amend or otherwise vary the provision of the loan rules. ' , 31 :
~2 rna GAZETTE OF INDIA: EXTRAORDlNARY [PARr 11 SEc.3(i)]
(3) The Government may, on its own initiative or on the recommendation of the Commission, modify or amend the loan rules. The modification or amendment will have effect from the date it is made by the Government. .
34. Power to borrow.. The Commission may, with the previous sanction of the Government, borrow on the security of its funds or assets for the purposes specified in section21 of the Act.