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Section 3: Amendment of section 11, Act XII of 1948

Rehabilitation Finance Administration (Amendment) Ordinance, 1953Ordinance · 1953

For sub-section (2) of section 11 of the principal Act, the following sub-section shall be substituted, namely:—• "(1) The Central Government may from time to time advance money to the Administration for its business, the aggregate amount of which,—

(a) for the purpose of enabling the Administration to advance loans, shall not, save as hereinafter provided, exceed twelve crores and fifty lakhs of rupees; and

(b) for ttie purpose of enabling the Administration to meet any liability which it may incur in guaranteeing losses in respect of loans advanced by scheduled banks, shall not exceed two crores of rupees:

Provided that if after the lapse of such period from the commencement of this Ordinance as the Central Government may think fit to fix in this behalf, any sum of money earmarked for the purpose specified in clause (b) is found not to have been actually advanced for that purpose and is not, in the opirion of the Central Government, likely to be required for the said purpose, the Central Goverrment may utilise the money for making advances from time to time to the Administration for the purpose specified in clause (a), and when any such advance is made, the limit specified in clause (a) shall be deemed to have been correspondingly increased."

Where this provision sits

ActRehabilitation Finance Administration (Amendment) Ordinance, 1953
Section3
Marginal noteAmendment of section 11, Act XII of 1948
StatusIn force as published by the source

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