Equipment grant sanctioned ,hall be paid in lump sum on condition that the management-
(a) agrees to utilise the grant for the purpose for which it is sanctioned;
(b) is able and prepared to provide funds for the project over and above the grant sanctioned from its own resources;
(c) agrees to give an undertaking in writing that the amount of grant shall be spent within twelve months of the sanction of the grant or within such extended time as the Director may, from time to time, sanction.
and that the management will refund the grant with interest thereon at ~uch rate as the State Government may prescribe from time to time. in case the manag::-ment fails to utilise the amount within the stipulated time; and
(d) agrees to maintain a separate account of the grant and submit the same for inspection of the Director. or of an Officn authorised by him in this behalf.