(1) No property referred to in section 9 shall be liable to be attached, sold or made subject to a charge by any court, whether in execution of a decree or order or otherwise, unless the person seeking such relief from the Court has obtained the written permission of the sanctioning authority to do so and files such permission in Court.
(2) When granting the permission the sanctioning authority may impose such condition as it may deem fit to secure the proper repayment of the loan together with any interest chargeable thereon and costs, if any, incurred.
(3) Where any such property is attached or sold or a charge is created thereon by any Court without the permission of the sanctioning authority having been obtained and filed as aforesaid or where any condition imposed by the sanctioning authority when granting such permission is contravened, the attachment, sale or charge, as the case may be, shall be null and void.
11. Where a loan has been applied for under this Act, the applicant, and at any time during the currency of a loan that has been granted under it, the grantee, shall be bound,-
(a) to comply with any general or special order of the Government, relating to the inspection of the premises, building or plant or stock on hand of the industry;
(b) to submit the accounts of the industry to such audit as may be prescribed.
12. The power exercisable by the Government under subsection (2) of section 8 and under section 11, may also be exercised by the Director in cases where aid is granted by him under section 6.
Courts not to attach, sell, etc., without permission of the sanctioning authority.
Inspection and returns.
Director to exercise powers of Government under sections 8 and 11 in certain cases.
10 [Act No.53 of 1976]
13. Where in any case, the amount of the loan given under this Act amounts to or exceeds one lakh of rupees, the Government shall, and in any other case may, by the appointment of Directors on their behalf or otherwise, take steps, to ensure such control and supervision over the conduct of the industry as shall suffice in their opinion to safeguard their interests, and to satisfy themselves that the loan is utilised for the purpose and the object for which it was granted.
14. Every loan granted under this Act shall bear interest from such date and at such rate as the Government may, in each case or class of cases, determine and shall be payable in installments within such period from the date of the actual advance of the loan, or where the loan is advanced in installments, from the date of payment of the last installment, as may be fixed by the order granting the loan:
Provided that the period so fixed shall not exceed ten years unless the Government, by general or special order, extend the said period.
15. Every recipient of aid under this Act shall make such provision for the training of apprentices as the Government may, from time to time, prescribe.
16. No recipient of aid to any industry, other than a cottage industry, shall pay any dividend or distribute or take any profits in excess of such rate of percentage upon the amount of the capital of the industry as the Government may, from time to time, fix until the conditions on which the aid has been granted are fulfilled. The balance of the profits, after proper amounts have been set aside for depreciation or obsolescence of plant, machinery or buildings and for payment of interest on debentures or loans, shall be carried to a reserve fund to be utilised in such manner as the Government may approve.
Control of business by Government in certain cases.
Repayment of loans.
Training of Apprentices by recipient of aid.
Disposal of profits when condition of aid is not fulfilled.
[Act No.53 of 1976] 11