Section 15(1) in Executive Instructions Issued by the Board of Revenue, Orissa under the Orissa Fertilisers Loans Rules, 1965
(1)According to Sub-rule (1) of Rule 12 a transferable interest in [immovable property] [For definition of 'immovable property', see Clause (a) of Rule 2. This definition is different from that given in the Indian Registration Act, 1908 (XVI of 1908), the General Clauses Act, 1897 (X of 1897) and the Orissa General Clauses Act, 1937 (Orissa Act 1 of 1937).] shall ordinarily be deemed to be adequate security. The following are the types of securities that can, under the rules, be accepted :(a)a transferable interest in immovable property to the extent specified in Sub-rule (1) of Rule 12; or(b)when the applicant does not possess any interest(i)collateral security of any person or persons possessing-a transferable interest in immovable property to the extent specified in Sub-rule (1) of Rule 12, and(ii)personal security of the applicant.
