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Section 12: Business of the Administration.

The Rehabilitation Finance Administration Act, 1948Central Act · Act 12 of 1948

[12. Business of the Administration.—The Administration may—

(a) subject to the provisions of section 13, advance loans;

(b) guarantee, on such terms and conditions as may be agreed upon, losses which a scheduled bank may suffer in respect of any loan advanced by it and approved by the Administration:

Provided that the total amount which may be guaranteed in respect of any scheduled bank and the terms and conditions on which such guarantee may be given shall be subject to the prior approval of the Central Government:

Provided further that the maximum liability of the Administration under such guarantee shall not exceed the amount for the time being available under clause (b) of sub-section (1) of section 11;

(c) do all such acts and things as may be incidental to or consequential upon the performance of its functions under this Act including the running of the Administration.

Where this provision sits

ActThe Rehabilitation Finance Administration Act, 1948
Section12
Marginal noteBusiness of the Administration.
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 36 of 1953. . Subs. by Act 36 of 1953, s. 3, for section 12.

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