The Industrial Finance Corporation Act, 1948
29. Power to call for repayment before agreed period.
9*[Notwithstanding anything in any agreement to the contrary, the
Corporation may, by notice in writing, require any industrial concern to which
it has granted any loan or advance to discharge forthwith in full its
liabilities to the Corporation,-]
- if it appears to the Board
that false or misleading information in any material particular was given in
the application for the loan or advance; or
- if the industrial concern has
failed to comply with the terms of its contract with the Corporation in the
matter of the loan or advance; or
- The words "of sale and realisation" omitted by Act 28 of 1955, s.19.
- Subs. by s. 19, ibid., for
"as if the sale".
- Ins. by Act 78 of 1952, s.
17.4. Subs. by Act 74 of 1972, s. 16, for certain words.
- Subs. by Act 43 of 1957, s.
9, for "properly incurred by it".
- Certain words omitted by Act
74 of 1972, s. 16.
- Ins. by s. 16, ibid.
- The words "of the owner"
omitted by Act 43 of 1957, s. 9.9. Subs. by Act 78 of 1952, s. 18, for
certain original words.
- if there is a reasonable
apprehension that the industrial concern is unable to pay its debts or that
proceedings for liquidation may be commenced in respect thereof; or
- if the property pledged,
mortgaged, hypothecated or assigned to the Corporation as security for the
loan or advance is not insured and kept insured by the industrial concern to
the satisfaction of the Corporation; 1*[or depreciates in value to such an
extent that, in the opinion of the Board, further security to the satisfaction
of the Board should be given and such security is not given;] or
- if without the permission of
the Board, 1*[any machinery, plant or other equipment], whether forming part
of the security or otherwise, is removed FROM the premises of the industrial
concern without being replaced; or
- if for any reason it is
necessary 2*** to protect the interests of the Corporation.<
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