(1) The provisions of sections 8 to 1 f in cicdit wjlb Pe~peCt of loat1 s shall, subject to any rulas that Banks- may be made under this Act,apply,sofarasmay be, to guarantees of loan, cash credit, overdraft and fixed advanccs with a scheduled ~ a n k and to debenturc.~ issued to the pubIic.
(2) Nothing in sub-section (I) shall apply to .an,y cottage industry for which I Statc-aid granted docs not exceed one thousand rupees in value or t o a small-scale industry ottur than a cottage industry for which tke State-aid grailted does -not cxccod five thousand rupees in value or t o a'fi individual to whom thc State-aid granted for invostment in the share capital of a CO-operative society or a joint-stock company does not cxmed five hundred rupees.
Termination oi state-aid. 13. (1) The State Guver~~mcnt or the authority who has sanctioned the Statc-aid may, after considering the explanation, if any, offered by tho owner of any industry, ordor termination of State-aid sanctioned to such industry on any of the following grounds, namcIy: -
(b) that thsre has been breach by the owner of the industry of the provjsions of this Act or of any 1~u1e madc thereunder or of any condition of the grant;
(c) that the application on which the Stateaid has bccn granted contained or was accompanied by any material statement by the owner which he knew to be false, or that thcro has been any intentional concoalmeni by him of any material fact which, in the opinion of the State Governmcnt or the said authority it was his duty to disclose or that any suc5 false statement or concealmeat was intentionally made in any enquiry held under this Act or in any return furnished under this Act or in any reply to any requisitio? for information issued under this Act or with the connivance of the owner or person in charge of fhc management of the industry (4 that the grantee has failed to comply with any order under clause (a) of section 10 or does not permit or objects to the inspection of the accounts of the industry or makes default in cornplying with the provisions of any o f the clauses (c), (d) and (e) of section I0 ; or
(e) that the industry is being managed in such a manner as to impail, the repayment of the value of the State-aid granted thnreto.
(2) Subjcct to such conditions or rmesfrictions as may be pi-escribcd, the State Government may ddegate i o such authority as may be proscribed, its power under sub-section (1) to terminate tho Stateaid of an amount or value not exceedkg thirty thousand rupees iu respect of any o m industry.
(3) Any person aggrieved by an order, other than an order passed by the State Government, terminating the State-aid may prefer an appeal to such authority and within such period as may be prcscri bed,
(4) The appellate authority may, after hearing the parties concerned and after holding such enquiry as may be prescribed, pass such orders as it may dcem fit.
Rr:ll~ytyrneut b i loans. 14. (1) Every loan granted under this Chapter shall be made 1-epayable by instalments within such pcriod from the date of actual advance of the loan or, when the Ioan is advanced in instalments, from thc date of paymerlt of thc last instalment, and shall bear interest at such rate and payable in such manner as may be k e d by the order granting the loan.
(2) Tbe period fwed as aforesaid s h d not exceed twerity years unlcss the State Government, by goneral or special order, otherwise dirccts.
Power of S t a t e Govcrnrncnl i o mover 1~an.
15. After an order under section 13 has been passed terminating the Stato-aid in respect of any indus~ry, the State Government may, notwithstandint anything to the contrary contained in any other provision of this Act br in any other law for the time being in force, proceed to recover from the owner of the industry as an arrear of publrc demand-
(a) the whole amount of the Ioan outstanding together with such interest as may be due thereon ; ,or
(b) in case where the aid is given otherwise t han by the grant of a loan, &e money value of the grant or concession a s k e d at the. time the loai was made together with interest at such rate as may be prescribed, from the date of the grant or concession, as the caso may be, till the date of realisation ; and
(c) tbe cost of recovery.
su bscriplion 16. The conditiclns of taking of shares or debeabrdl=csor t ~ r e ~ by the State Government or the guarantee leben~urcs or of a minimum return on the whole or part of the luinlmrrm capital of any industry shall be- ; durn of r apital. (a) that the industry shall be subject to the conditions laid down in section 10 in respect of inspection and returns ; and
(b) that for all shares and debentures takeri by the State Government, there shall be taken by the other pexson shares or debentures of an amount which shaU be1 at least fifty percenturn of tho amount paid by the State Government.