Section 30 in The Assam State Co-operative Agriculture and Rural Development Bank Limited
30. Boards authority for fixation of terms of loans.
- The Board shall settle all details in regard to the period of repayment of loans granted by it, the instalment for repayment, the rate of interest, the penal interest to be charged on overdue instalments, etc. The Board shall have power of enhancing or reducing the rates of interest on loan granted by it for such periods and subject to such conditions as it may deem fit, provided that loan issued out of funds obtained from Government shall be governed by Government circulars and directives in regard to the manner of utilisation, rate of interest, period of loan and other matters. The Board may agree to release a portion of the hypotehecated on such conditions as may decided upon or ask for additional security or substituted security with prior approval.
