Section 34: Power to call for repayment before agreed period.

The National Bank for Agriculture and Rural Development Act, 1981Central Act · Act 61 of 1981

[34. Power to call for repayment before agreed period.-- Notwithstanding anything to the contrary contained in any agreement or arrangement, the National Bank may, by notice in writing, require any borrower or assisted person to whom it has granted any loan or other financial assistance including grants, to discharge forthwith in full, the loan or other financial assistance, including grants, as the case may be,--

(a) if it appears to the National Bank that false or misleading information in any material particulars was given in the application for the loan or other financial assistance; or

(b) if the borrower or the person has failed to comply with any of the terms of the contract or arrangement with the National Bank in the matter of loan or other financial assistance, including grants; or

(c) if there is a reasonable apprehension that the borrower is unable to pay its debts or that proceedings for liquidation may be commenced in respect thereof; or

(d) if for any reason it is necessary so to do, to protect the interests of the National Bank.]

Where this provision sits

Act	The National Bank for Agriculture and Rural Development Act, 1981
Section	34
Marginal note	Power to call for repayment before agreed period.
Jurisdiction	Central
Status	In 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. . Subs. by s. 20, ibid., for section 34 (w.e.f. 1-2-2001).

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