State of Haryana - Act
The Punjab State Aid to Industries Rules, 1936
HARYANA
India
India
The Punjab State Aid to Industries Rules, 1936
Rule THE-PUNJAB-STATE-AID-TO-INDUSTRIES-RULES-1936 of 1936
- Published on 23 January 1937
- Commenced on 23 January 1937
- [This is the version of this document from 23 January 1937.]
- [Note: The original publication document is not available and this content could not be verified.]
1.
2. Appointment of member elected by the Chamber of Commerce.
- In the case of appointments to be made under clauses [ - ] [Omitted by Punjab Government notification No. G.S.R. 98/P.A.5/35/Section 46/Amd. (7)/66, dated 22nd April, 1966.] (f) and (g) of sub-section (1) of section 3 of the Act, the Secretary of the [Board] [Substituted for 'Board of Industries' by Haryana Notification No. G.S.R. 50/P.A.5/35/Section 46/Amd.(4)/80, dated 1.5.1980.] shall call on the Secretaries of the Chambers concerned to submit the name of the member who has been elected to represent the Chamber at the Board. [Sections (2) and 46(2)(a)]3. [ Travelling Allowance. [Substituted by Punjab Government Notification No. 3199-I&C-51/1456, dated 13th May, 1951.]
[Sections 10 and 46(2)(h).] - For attending meetings of the Board, the members of the Board or of its Sub- Committee including co-opted members, who are not Government servants and who do not ordinarily reside at he headquarters of Government, shall be paid travelling allowance and halting allowance at the rates fixed for Government servants of Grade I, drawing pay not exceeding Rs. 1,500. Government servants will, however, draw travelling and daily allowance admissible to officers of their grade under the rules in force.][Provided that the members of the Legislative Assembly will draw travelling allowance and halting allowance as admissible under the Haryana Legislative Assembly (Allowances and Pension of Members) Act, 1975, and the rules made thereunder.] [Added by Haryana Notification G.S.R. 50/P.A.5/35/Section 46/Amd.(4)/80, dated 1.5.1980.]4. [ Application for State Aid. - (a) Loans and supply of machinery on hire purchase system. [Substituted by Punjab Government Notification No. 5770-3CB/S.-57/12391, dated 20th June, 1957.]
- An application for a loan by an individual or a firm, co-operative society or company, shall be submitted to the Director of Industries, Punjab, on the prescribed form 'A' appended to these rules and shall contain a declaration signed by the applicant and in case of a Firm, Co-operative Society or Company by an authorised partner of a Firm, the Chairman or President or Manager or Secretary of a Co-operative Society and the Managing Director or Managing Agent of a Company to the effect that the statements made therein are true to the best of his/their knowledge and belief.]4A. [ Priority for Grant of further loan in certain cases. [Inserted by Haryana Government Notification No. GSR 102/HAS/35/Section 32, dated 15.9.1978.]
- Those who have properly utilised the amount of subsidy for the development of leather industry already granted, shall be considered for the grant of a further loan upto Rs. 1,55 for being utilized as working capital, in preference to others].5. Delegation of Powers.
- [(1) A loan may be sanctioned by the following officers within their respective jurisdiction and up to the limit mentioned against each :-| Name of the officer | Limit upto which loan (together with the loanor loans already granted to the same person) may be sanctioned. | |
| (a) Director | One lakh rupees. | |
| (b) Additional Director of Industries Joint Director ofIndustries. | Fifty Thousand rupees | |
| (c) General Manager, District Industries CentreProject Officer Industries / District Industries Officer /Industrial Promotion Officer holding independent charge of theDistrict. | Ten thousand rupees |
2. Notwithstanding anything contained in sub-rule (1), an interest-free loan under Chapter II of these rules may be sanctioned by the following officers within their respective jurisdiction up to the limit and extent mentioned against each :
| Name of the officer | Limit up to which loan (together with the loanor loans already sanctioned to the same person) may besanctioned. | |
| (i) Director | tow lakh and fifty thousand rupees. | |
| (ii) Additional Director of Industries Joint Director ofIndustries. | Fifty thousand rupees. | |
| (iii) General Manager, District IndustriesCentre / Project Officer Industries / District IndustriesOfficer / Industrial Promotion Officer holding IndependentCharge of the District. | Ten thousand rupees |
6. [ Form of Deed. [Substituted by Punjab Government notification No. 5770-3CB-S-57/12391, dated 10th June, 1957.]
- The form of deed to be executed for a loan against the mortgage of immovable property of the applicant/applicants shall be in form 'B' but in a case where a surety/an applicant and or his have/has been offered immovable property as security, it shall be in form 'C'. The form of deed of a loan against the personal security of the [applicant/applicants and his/their surety] shall be in Form 'D' while the form of deed for a loan to a Co-operative Society shall be in Form 'E'. The form of deed for loan to the purchasers of plots under the scheme for the Development of Industries in [or outside] [Inserted by Punjab Government notification No. 1214-2CB-58/3633, dated 14th April, 1959.] the Industrial Area of Punjab shall be in Form 'F'. The deed for a loan under the scheme for the provision of Factory Accommodation shall be in Form 'J'. The agreement deed for a loan to an applicant who has yet to purchase a plot under the scheme for the provision of Factory Accommodation shall be in firm 'K' and the applicant shall have to execute a mortgage deed in Form 'L' as soon as the plot is purchased. The form of deed for loan under the scheme for the conversion of handlooms into powerlooms shall be in firm 'M'.][The form of deed for further loan to the purchasers of plots who have already taken a loan under the scheme for Development of Industries in [or outside] [Added by Punjab Government notification No. 1025-3CB(CH)-58/11143, dated 24th April, 1958.] the Industrial Areas of Punjab and under the provisions of Punjab State Aid to Industries Act, 1935, and the rules made thereunder shall be in form 'N'.].[The form of deed for further loan against security of property already under mortgage with the Government against the loan already taken under or the provision of Punjab State Aid to Industries Act, 1935, and rules made thereunder, shall be in Form 'O'.] [Inserted by Punjab Government notification No. 557-(S)-2CB-59/4344, 27th February, 1959.].[The form of bond to be executed by the Borrower viz Scheduled Castes (Harijans) for a loan of 2000/- shall be inform ['P'] [Haryana Notification No. G.S.R. No. 220 P. 5/35/Section 46 Amd. dated 22-9-1964.].[The form of deed to be executed for a short term loan against the personal security of the applicant/applicants and the material stocked by him/them with the District Industries Officer concerned shall be in Form 'Q'.] [Inserted F vide Notification No. GSR. 25/P.A. 5/35/Section 46/Amd 168, dated 26-3-1968.][The form of deed to be executed for a loan exceeding five thousand rupees, but not exceeding fifty thousand rupees for the purchase of machinery against the personal security of the applicant/applicants and his their surety and the security of the machinery whether existing or to be purchased with the loan shall be in Form 'R' and the applicant/applicants shall have to execute a mortgage deed in Form 'S'.] [Inserted vide Haryana Notification No. GSR. 25/P.A. 5/35/Section 46/Amd 168, dated 26-3-1968.][The form of deed to be executed for a further loan to be taken by the applicant against his property and the property of the sureties already mortgaged with the Government shall be in Form 'U'.] [Inserted vide Haryana Notification No. GSR. 154/P.A. 5/35/Section 46/71 dated 11- 12-1971.][The form of application for loan in lieu of inter-State Sales Tax by an eligible Industrial unit shall be in Form 'V'.The form in which the assessing authority has to issue certificate regarding the amount of Tax paid/payable by the unit shall be in Form 'W'.The form of agreement for repayments of the aforesaid loan, shall be in Form 'X'] [Inserted vide Haryana Notification No. GSR-269/P.A. 5/35/Section 46/72 dated 1-12-1972.].[The form of Bond in respect of the subsidy granted under Chapter III shall be in Form BB.] [Added vide Haryana Government Notification GSR 102/PA5/35 Section 46/78 dated 15.9.1978.]7. Nature and amount of security.
7A. [ [Para 1 Substituted vide Haryana Notification No. 6622-41B II 75/42673 dated 11.11.1975.]
8. Valuation of security and assets.
- The value of the assets of an applicant shall, so far as they do not consist of money, be taken to be, -9.
10.
[(1) The evaluation of property offered as security for loans the value of [ten thousand rupees] [Sub-rules (1) and (2) substituted by Punjab Government notification No. 834-I & L.40/44217, dated 5th November, 1940.] and under, shall ordinarily be done by an officer of the Industries Department free of charge.]| (a) | Upto Rs. 20,000 | General Manager, District Industries Centre onthe rates approved by the PWD (B&R) Branch of the districtconcerned. |
| (b) | Exceeding Rs. 20,000/-, | Authorised Chief Evaluators registered with theHaryana Government in consultation with General Manager, DistrictIndustries Centre of the district concerned on payment of feesapproved by the Haryana Financial Corporation. |
| (ii) | For land in urban areas, | District Industries Officer or the AssistantDistrict Industries Officer holding independent charge of theDistrict concerned and Tehsildars. |
| (iii) | For land and building in rural areas | District Industries Officer or AssistantDistrict Industries Officer holding independent charge of theDistrict concerned and the Tehsildars of the Tehsil concerned. |
| (iv) [ [Substituted Haryana Notification No. G.S.R. 51/P.A.5/35/Section 46/Amd.(3)/80, dated 1.5.1980.] | For machinery either in urban or rural areas., | General Manager, District IndustriesCentre/Project Officer Industries/District IndustriesOfficer/Industrial Promotion Officer holding independent chargeof the District concerned and a Gazetted Technical Officer of theDepartment of Industries.] |
A
Questionmaire replies to which would be submitted by an applicant demanding a loan under the Punjab State Aid to Industries Act, 1935, for the purpose of valuation of properties offered as security.11. Repayment.
- The interest payable on the loans advanced under the Act shall be at such rate, as may be fixed by the [State] [Substituted by the Adaptation of Laws Order, 1950 for 'Provincial'.] Government in this behalf from time to time. [Section 46(2)(q)][Provided that the rate of interest on loans, the funds in respect of which are provided by the Government of India under the District Industries Centre Scheme or any other scheme, shall be such as may be fixed by the Government of India, from time to time.] [Inserted by Haryana Notification No. G.S.R.4/P.A.5/35/Section 46/Amd(1)/81. dated 9.9.1981.]12. [ Payment of interest. [Substituted by Haryana Notification No. G.S.R. 66/P.A.5/35/Section 46/Amd.(4)/80, dated 15.5.1980.]
- The interest on loans shall be payable yearly :-Provided that the interest accruing on loans granted under the Industrial Area Scheme during the first tow years shall be payable in equal annual instalments alongwith the remaining instalments of principal and yearly interest.13. [ Repayment of loan. [Substituted by Haryana Notification No. G.S.R. 66/P.A.5/35/Section 46/Amd.(4)/80, dated 15.5.1980.]
| to be paid at the end of 2nd year | ... | 1/12th |
| to be paid at the end of 3rd year | ... | 1/12th |
| to be paid at the end of 4th year | ... | 1/6th |
| to be paid at the end of 5th year | ... | 1/6th |
| to be paid at the end of 6th year | ... | 1/4th |
| to be paid at the end of 7th year | ... | 1/4th |
13A. [ Grant of interest-free loans. [Inserted by Punjab Government notification No. G.S.R.-278 P.A.5/65/Section 46 Amd.(4)/65, dated the 23rd November, 1965.]
14. [ Extention of period for repayment of loan. [Substituted by Haryana Notification No. G.S.R. 66/P.A.5/35/Section 46/Amd.(4)/80, dated 15.5.1980.]
- Notwithstanding the provisions of rule 13, the repayment of the entire amount of loan or any instalment or instalments thereof may, for sufficient reasons to be recorded, in writing be extended for a period not exceeding three years by the person not below the rank of the officer competent to sanction such loan. Such instalment or amount as are due but the recovery of which is postponed under this rule, shall be considered as still forming part of the original loan and shall bear interest and be recoverable in the same manner as the original loan.]14A. [ Period of repayment of loans under the schemes of the Government of India. [Inserted by Haryana Notification No. G.S.R. 96/P.A. 5/35/Section 46 Amd.(1)/81, dated 9.9.1981.]
- Notwithstanding any thing contained in Rules 13 and 14, the period of repayment of the loans granted under the District Industries Centre Scheme or any other scheme of the Government of India, shall be such as specified therein.]15.
The borrower may repay the whole or any portion of the loan before the due date.16. Notice and Declaration.
17.
Every declaration issued under sub-section (1) of section 24 of this Act shall be in Form 'H' attached to these rules and shall be issued by the Director of Industries, Punjab [or the Deputy Director of Industries (Development), Punjab] [Added by Punjab Government notification No. 10657-I&C-55/60905, dated 13th October, 1955.] [or the District Industries Officer of the District concerned] [Added by Punjab Government notification No. 10229-3CB-56/78772, dated the 6th November, 1956.] [or the Assistant District Industries Officer concerned holding independent charge in the district of the erstwhile State of Pepsu] [Inserted by Punjab Government notification No. 7312-7CB-59/17798, dated 17th September, 1959.] [or the concerned Sub- Divisional Officer (Civil) in Lahaul and Spiti District] [Inserted by Punjab Government notification No. G.S.R.-147/P.A.5/35/Section 46/62, dated 9th August, 1962.] [or Assistant District Industries Officer, Kulu] [Added by Punjab Government notification No. 4139-4CB-60/14340, dated 16th July, 1960.] [or Assistant District Industries Officer, Simla] [Inserted by Punjab Government notification No. 7855f-4CB-60/22781, dated 14th November, 1960.].18.
The period of of representation against an order issued under section 29 Section 29 of the Act for the refund of the loan shall be one month from the date of the issue of the order. [Section 29]19. Supply of machinery on hire-purchase system.
- No machinery shall be supplied on the hire-purchase system unless the applicant therefor deposits with the Director of Industries, Punjab, at least 10 per cent of the cost of the said machinery. [Sections 36 and 46(2)(m)]20.
Until the hiring is terminated, the following provisions shall apply, namely -21.
If the hirer makes default in paying the rent of the machine or any sum payable as interest or any other charges due from him for the supply of such machinery or fails to comply with any of the conditions contained in the agreement, or such as may be imposed, under these rules, the hiring shall be immediately terminated and thereupon the Director of Industries or any other person authorised by him in this behalf may enter the premises in which the machinery is, for the time being, kept, whether such premises belong to the hirer or not, and seize and take away the same.22.
The hirer may, however, be permitted to re-purchase the machinery afterwards on such terms and conditions as shall be fixed by the Director of Industries.23.
The authority which sanctions the supply of machinery on the hire-purchase system shall ordinarily require that Government shall be protected against the total or partial loss of such machinery from fire or any other cause by means of insurance, a mortgage of immovable property of the applicant or his surety or sureties, if any, the personal guarantee of one or more persons or in any other manner as may be deemed suitable in each case. The applicant shall further be required to execute a deed embodying such conditions as may be prescribed for the payment of the balance of the price after deducting the deposit made under Section 36 and the interest or other charges to be incurred thereon. The deed shall contain such other conditions as may be imposed by the Director of Industries in any particular case.24.
If any machinery supplied on the hire-purchase system is seized and taken away under section 39 of the Act and the hirer exercise his option under section 40 of purchasing the same, be shall pay, in addition to the unpaid balance of the cost thereon, and the cost of any expenses incidental to such seizure and removal, such interest on the remaining unpaid instalments as would have fallen due on the payment of the next instalment of rent.25.
If the hirer wishes at any time to terminate the hiring of any machinery supplied to him on the hire purchase system, he shall give notice of his intention to the Director of Industries, Punjab, by registered post [acknowledgement due] [Added by Haryana Government Notification No. GSR50/PA5/35/Section 6 dated 1.5.1980.]. The Director within one month of the receipt of this notice shall inspect the machinery or cause it to be inspected in such manner as he may think proper and shall issue orders for the removal of the said machinery.26.
All notices issued under section 39 shall be in Form I.27.
All re-payments of loans, interest or other sums due under the Act shall be made at a Government treasury, to the credit of Government in such manner as the Director of Industries may from time to time notify to the parties concerned. The treasury receipt shall be forwarded to the Director of Industries for record in his office in token of the repayment. [Sections 39 and 46(2)(p)]28. Distribution of profits.
- No recipient of a loan or State Aid under this Act shall pay any dividend or distribute or take out any profits in excess or such percentage rate upon the amount of the capital of the industrial concern as may be determined by the Director of Industries, Punjab, in each case no long as any part of the loan or State aid remains unpaid or the guarantee remains in force. The balance of the profits after setting aside proper amount for depreciation or obsolescence of plant and buildings and for the payment of interest on debentures of loans shall be carried to a reserve fund to be utilised in such manner as the [State] [Substituted by the Adaptation of Laws Order, 1950.] Government may approve [Section 33 and 46(2)(k)].29. Inspections.
30. Appointment of Directors by Government.
- In cases where the [State] [Substituted by the Adaptation of Laws Order, 1950.] Government prima facie reasons to believe that there is justification for the appointment of its own directors or for the exercise of control over the conduct of industry to which State aid has been given, it shall give one month's previous notice to the borrower or the receipient of the State aid to show cause against the appointment of Government Directors or the exercise of Government control over the affairs of the industry and if such borrower or recipient of the State aid is unable to give a reply to the satisfaction of [State] [Substituted by the Adaptation of Laws Order, 1950.] Government, it may appoint such person or officials as it may deem necessary, as Directors to exercise control over the affairs of the industry to safeguard the interests of Government. [Sections 34 and 46(2)(1)]31.
If the extent of the aid applied for exceeds Rs. one lac [and in any other case in which Government consider it necessary] [Added by Punjab Government notification No. 101/Leg./53, dated the 2nd November, 1953.], the Director of Industries shall publish a notice in manner prescribed in the rule following, calling upon any person who objects to the grant of the aids applied for to state his objections at a time or place to be specified, and shall hear such objections and make such enquiry as may be necessary. [Section 46 (2)(r)]32.
The notice under the preceding rules shall be published by the Director of Industries in at least three consecutive issues of at least two daily newspapers published in the Punjab and once in the Punjab Gazette. The notice shall specify the name and address of the applicant for State aid and the nature of the business or enterprise in respect of which the application is made. It shall state that anyone desiring to make any objection to the State aid may do so by presenting a statement of his objections in writing at the office of the Director of Industries within thirty days of the publication of the notice. The statement shall furnish details regarding the name, address and calling of the objector and his grounds of objections. The Director shall hear the objections, if any, at such time and place as he may notify and deal with it as he may think fit.33.
In any case in which State aid is granted under the Act, amounting to two lakhs of rupees or upwards, the [State] [Substituted by the Adaptation of Laws Order, 1950.] Government shall, and in any other case may, by the appointment of a Government director or directors or otherwise, take power to ensure such control over the conduct of the business or enterprise as shall suffice in their opinion to safeguard their interests.34.
The grant of subsidy or forms of State aid, other than the grant of loans and the machinery on hire purchase, shall be governed by such rules or directions as may be issued generally or in individual cases, by the [State] [Substituted by the Adaptation of Laws Order, 1950.] Government after previous consultation with the Board.Instructions for filling up the form of application for loan under the Punjab State Aid to Industries Act, 19351. The enclosed form of application for loan is required to be filled up by all types of applicants, viz., an individual, Joint Hindu Family, Firm, Co-operative Society, or a Joint Stock Company. Each type of applicant(s) should, therefore, put a cross x against the portions not applicable to him/them in order to avoid confusion.
2. The required particulars should be carefully and legibly filled in.
3. Out of the words village/cottage/small-scale and electricity/scheme/diesel/gas/manual against item 4(ii) and (iii), the words not applicable may be crossed.
4. In case the space available against particular item is not sufficient for filling in the required particulars, an extra sheet may be added at the end of the application for the purpose.
5. Names of the company, property insured, the period of insurance and the instalments of the premiums paid, etc., may be given against item 17.
6. Total proposed investment against item 6 will be the sum total of the amount of loan required and the amount to be invested by the applicant(s) from his/their own resources.
7. The affidavit forms mentioned in N.B.1 under item 15(iv) and in N.B. under item 15(v) and the form of certificate required under item 15(vi) can be had from the Office of the District Industries Officer concerned.
8. In case any difficulty is experienced in filling the application form, the Sub-Inspector/Inspector of Industries and Supplies and the District Industries Officer/Assistant District Industries Officer concerned may be consulted.
[Chapter II] [Chapter II inserted vide Haryana Government Notification No. G.S.R. 269/PA 5/Section 46/72, dated 1.12.1972.]35.
Notwithstanding anything to the contrary contained in the foregoing Chapter, the grant of interest-free loans in lieu of tax payable under the Central Sales Tax Act, 1956, shall be regulated by the rules hereinafter contained.36. Eligible Unit.
- An eligible unit means a new Industrial Unit which has started production after the 1st April, 1970, and, -37. Form of application.
| (a) | In the case of provisional loan under rule 38. | Within six months from the date onwhich the last return for the relevant assessment year is due. |
| (b) | In the case of final loan under rule 39. | Within six months from the date ofpassing the assessment order for the relevant year. |
| (c) | In the case of supplementary loan under rule 40. | Within six months from the date offinal decision in appeal or revision for the relevant year. |
38. Grant of provisional loan.
39. Grant of final loan.
40. Grant of supplementary Loan.
41. Liability to refund.
- The eligible unit shall, in the event of any reduction in the sales tax liability as a result of any decision in appeal, revision or as a result of any judgment of a court forthwith, repay the excess amount disbursed to it under these rules along with interest at the rate of 9 percentum per annum from the date of order of refund allowed by the competent authority. It shall not obtain any refund of tax, admissible from the Excise and Taxation Department till the excess amount is repaid. It may, however, execute a power of attorney in favour of the Director of Industries, authorising him to obtain such refund directly from the concerned Department. The expenses and the stamp duty for the execution of the power of attorney shall be borne by the eligible unit.42. Nature of Security.
- The applicant shall have to furnish two sureties each to the extent of the [amount of loan or Bank guarantee of the equal amount from a scheduled Bank] [Substituted by Haryana Government Notification GSR 41/PA 5/35 Section 46/85 dated 10.5.1985.] to the satisfaction of the Director of Industries or the District Industries Officer concerned or the Assistant District Industries Officer concerned, holding independent charge in the district or any other officer so designated, as the case may be.43. Repayment.
- Subject to the provisions contained in rule 9, the eligible unit shall repay to the Director of Industries of District Industries Officers/Assistant District Industries Officers holding independent charge of the District, interest-free loan disbursed to it in any particular year in ten equal half-yearly instalments after the expiry of period of five years.(Illustration. - If an eligible unit located in Faridabad, Ballabgarh, area is given interest-free loan of Rs. 10,000 in 1971, Rs. 15,000 in 1972 and Rs. 20,000 in 1973, it shall start repayment of first loan in 1976, of second in 1977 and of third in 1978. Each loan shall be repaid separately in ten equal half yearly instalments on due dates).44. Interest.
- In case of default, without prejudice, to any other right or recourse available to the Director of Industries, the defaulting unit shall pay an interest on the amount in default, from the date of default, to the date of repayment, at the rate of 12 percentum per annum.45. Notice to pay.
- If the amount of Instalment is not repaid on the due date or dates, the Director of Industries may serve on the defaulting unit a written notice calling upon the unit to pay the amount in default within a period of 30 days from the receipt of the notice. The notice may also require the defaulting unit to pay the interest as provided in rule 44 of these rules and other costs and charges as the Director of Industries may incur in this behalf. Such notice shall be sent by registered post, acknowledgment due, and delivered at the present or last known address of the defaulting units and in the case of company, at its registered office.46. Recovery.
- If the defaulting unit does not pay the amount in default alongwith interest and other costs and charges as indicated in the notice under rule 45 by the date mentioned therein, the Director of Industries may recover such amount as arrears of land revenue under Section 35 of the Act.47. Changes in Constitution
- A Unit which has availed of interest free loan under this Chapter shall not :48. Early recovery of loan under certain circumstances.
- If an eligible unit which has availed of interest-free loan under this Chapter :-49.
Without prejudice to the other rights of the Government under any other law if any party obtains loan under this scheme through fraud or mis-representation, the party shall be liable to refund the amount in lump sum alongwith interest at 12 percent per annum from the date of drawal of the amount to the date of payment.50. Power of relax.
- Where the Director of Industries/State Government is of the opinion that it is necessary or expedient so to do it may, for reasons to be recorded in writing, relax any of the provisions of these rules with respect to any class or category of Industries.[Chapter III] [Inserted vide Haryana Government Notification GSR 102/PA5/35 Section 46/78 dated 15.9.1978.] Rules for grant of subsidy for Leather Industries51. Eligibility.
- Only those who have already obtained and properly utilized a loan of an amount upto one thousand rupees for the purchase of machinery, tools, equipment, etc., granted under the Act, and these rules are eligible to the grant of subsidy subject to the following conditions :-52. Preference.
- Preference of granting subsidy shall be given :-53. Purpose for which subsidy may be granted.
- Subsidy may be granted for one or all of the following purposes :-54. Extent of subsidy.
- Subsidy to the extent of rupees one thousand may be granted to an eligible applicant.55. Security for repayment, if any.
- On the acceptance of an application for subsidy, the applicant shall execute a bond in the prescribed form undertaking to apply the subsidy to the purpose for which, and to fulfil the conditions on which, the subsidy is granted, offering such machinery, equipment, etc., as may have been purchased with the aid of subsidy, as security. No transfer, assignment or charge made or created after the execution of the bond in relation to the property specified therein or machinery, etc., purchased with the aid of subsidy shall be valid against the State Government unless it has been made or created with the previous consent, in writing, of the authority sanctioning the subsidy.56. Mode of disbursement of the amount of subsidy.
- The whole amount of subsidy shall be deposited in a Scheduled Bank in the Joint account to be opened in the name of the applicant and the District Industries Officer or the Assistant District Industries Officer holding independent charge of the district concerned (hereinafter referred to as the Industries Officer) to be operated upon jointly or by the Industries Officer.The Industries Officer shall release the amount of subsidy in lump sum or in instalments against the actual purchase of machinery, tools, equipment etc., on production of invoice therefor to his satisfaction.57. Maximum period for Utilisation of amount of subsidy.
- The amount of subsidy shall be utilised for the purpose for which it is sanctioned within a period of six months from the date of execution of the bond under rule 6 :-Provided that the Director may, for sufficient reasons, to be recorded in writing, extend the period for the utilization of subsidy for a further period of three months.58. Recovery of subsidy with interest.
- The amount of subsidy with interest at the rate of 9 per cent per annum shall be recovery in lump sum in the same manner as if it were a loan granted under the Act, -59. Inspection and returns.
- The recipient of subsidy shall for a period of four years from the date of execution of the bond,1. Name and style of the Applicant's (s) concern along with principal place of business and location.
2. Whether Sole Proprietorship/Joint Hindu Family/Partnership/Company/Co-operative Society.
N.B. 1. - In case of an individual or sole proprietorship concern, the following particulars should be given :-3. A list of Branch Officers and Associate or Subsidiary concerns, if any
4. Industry -
| (i) Name | |
| (ii)Type, | Village/Cottage/Small scale |
| (iii) Motive Power use | Electricity/Steam/Diesel/Gas/Water/Manual |
| (iv) Average number of workers employed per month - |
5. (i) Whether the Industrial Establishment is registered under the Indian Factories Act, 1948
6. Total Proposed Investment -
7. Purchase of Machinery on Hire Purchase System -
8. Reasons for not availing of banking facilities
9. Whether any of your applications for loan is pending with the Department/Punjab Financial Corporation, or was rejected by the Department/Punjab Financial Corporation ? If so give detailed particulars
10. Purpose for which loan is required -
11. Assets (Capital Investment) (on the date of submission of application) -
| Total Rs. |
| 12. Liabilities - | Loans | Subsidy | Grant |
| Total liabilities Rs. |
13. Attested/Certified copies of -
14. Availability of facilities -
15. Nature of security offered -
| Sr. No. | Description | Make | Date of purchase | Book value | Depreciated cost | Net Value |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| 123456789101112131415 |
| S.No. | Name of Surety | Description of property owned | Urban/Rural | Market value |
| 1.2. |
16. A declaration from the applicant(s)/sureties to the effect that the property, viz., land, building and machinery offered as security is free from all encumbrances
17. Has the immovable property offered as security been adequately insured ? If so, give details
18. Experience -
19. Income-tax Clearance Certificate - From the Income-tax Officer of the area for the last three years.
1. I/We agree to accept the loan under the terms and conditions governing the grant of loans under the Punjab State Aid to Industries Act, 1935 and also agree to abide by all the rules framed thereunder from time to time.
2. I/We declare that the statements made and the particulars given above are true and correct to the best of my/our knowledge and belief, and that there are no encumbrances other than those mentioned above on the land/building/machinery offered as security for the loan applied for, which shall not be transferred by way of sales, gift, exchange, mortgage, or otherwise, till the complete repayment of the loan.
| Signature of the Surety/Sureties.Date ___________________ | Signature of the application(s) _______Date __________________________ |
1. Name and style of the applicant's concern along with principal place of business and location.
2. Whether sole proprietorship Joint Hindu Family/Partnership Co-operative Society.
N.B. 1. - In case of an individual or sole proprietorship concern, the following particulars should be given :3. Amount of subsidy applied for.
4. Capital already invested and/or to be invested in the undertaking.
5. Object for which subsidy is needed together with details of its proposed utilisation under the following heads :-
6. Technical knowledge and experience of applicant.
7. Business and commercial experience of applicant.
8. Financial standing of applicant.
9. Does the applicant already possess a factory ? If so, give a list of machinery installed and the existing manufacturing capacity per month
10. Number and designations of technical staff employed or proposed to be employed after the grant of subsidy.
11. Average number of workers employed or proposed to be employed after the grant of subsidy.
12. Goods proposed to be manufactured and state of demand in the country.
13. Are the raw materials readily available in the required quantities ?
14. Where is the product proposed to be sold ?
15. Whether any other loan, subsidy or grant is being availed of by the applicant and if so, give details showing the amount sanctioned, purpose and the date and authority of the sanction.
16. Period during which the scheme contemplated is likely to be completed.
17. And special reasons for the State Aid asked for.
Note :- A certificate that the applicant/partners/Members belong to Scheduled caste/scheduled Tribe and a detailed statement showing the scope and economics of the proposed industry, analysis of cost of various operations of manufacture, raw materials, wages, depreciation of machinery and equipment and complete cost of manufacture, sale prices of finished goods and probable profits on sale.I/We declare that the statements made and the particulars given above are true and correct to the best of my/our knowledge and behalf.Date :(Signature of the applicants)N.B. - In case of Firm/Co/operative Society, the application should be signed by the authorised partner/the Chairman or President or Manager, or Secretary as the case may be.Form 'B'[Form of mortgage deed for a loan against the mortgage of immovable property of the applicant/applicants.] [Caption added by Haryana Notification No. G.S.R.-50P.A. 5/35/Section 46/Amd.(2)/80, dated 1.5.1980.]This mortgage deed made this __________________ day of _________ 19 .Between(A)The __________________________ Ltd., a Company incorporated in [-] [Omitted by Punjab Government notification No. G.S.R. 220/P.A./5/35/Section 46/Amd. (2)/64, dated 22nd September, 1964.] India and registered under the *Indian Companies Act, 1913, with registered office at ____________________(B)___________________________________________________________ A Society registered under Act XXI of 1860 with principal place of business at ________________________________________________________(C)(1)___________________, son of ______________________, caste1. [In pursuance of the said agreement and for purpose of in party securing the said sum of Rs.___________ (receipt whereof the Principal/Mortgagor hereby acknowledges) the Principal/Mortgagor hereby covenants with the Government to pay to the Government before the____________ day of___________ 19 __________ the said sum of rupees___________ with interest thereon at the rate of rupees__________ per cent per annum with a debate of four per cent per annum if the repayment of the principal and the payment of interest are made on due dates and the loan is being utilised or has been utilised for the purpose or purposes for which it was granted and the conditions on which it was granted are being or have been duly fulfilled and for so long as any part there of shall remain owing to pay interest at the rate as aforesaid on the moneys for the time being so remaining owing provided never the less that :-] [Preamble substituted by Haryana Notification No. GSR 20/PA5/35 Section 46/Amd(1)/77 dated 28.1.1977.]
2. And in further pursuance of the said agreement and for the considerations aforesaid, the mortgagor as beneficial owner doth hereby grant, convey and assign unto Government -
3. Provided Always that when the hereinafter mentioned covenants for payment shall have been satisfied and the principal sum together with all interests due thereon shall have been entirely paid, Government as Mortgagee shall at the request and cost of the Mortgagor reconvey the properties or remainder thereof as he shall direct.
4. And in further pursuance of the agreement and covenants referred to above, the Mortgagor hereby agrees to insure against fire up to the full amount of the loan the entire machinery and stock in Mortgagors.............. and if Government so desires all other property hereby mortgaged and that the policy of Insurance shall be taken out in the joint name of the Mortgagor and the Punjab Government and that it shall be deposited with the Director of Industries, Punjab. The Mortgagor shall pay all premiums and at his own cost renew the policy every year during the currency of the loan, failing which Government may pay the same and such premiums shall form part of the loan secured with interest under this mortgage.
5. It is further agreed by the Mortgagor that, notwithstanding anything hereinbefore contained, Government or the Director of Industries, Punjab may by the appointment of its own directors or otherwise exercise such control over the conduct of the industry to which State aid has been given as shall suffice in their or his opinion to safeguard the interests of Government in such industrial concern, and that the Mortgagor shall forthwith comply with all recommendations made by the Director of Industries or the Director so appointed.
6. It is further agreed that the stamp on this instrument shall be borne by the Mortgagor and same shall be presented for registration by the Mortgagor and registered at his own cost.
I
(above referred to)N.B. - The form of execution by the Mortgagor should be one in the appropriate form as follows.| 1. (In the case of a firm) - Signed by the above named firm of | *(Name or names of firm or partners thereof) | |
| Through...................... Partner of the said firm. | ||
| In the presence of - | ||
| Witness (1) | ||
| OccupationAddress | ||
| Witness (2) | ||
| OccupationAddress |
2. (In the case of Society) -
The seal of the........................................... (the Society hereinbefore referred to) was hereto affixed by the Virtue of a resolution of Governing Committee No.............................., dated the.............. day of............. 199 .In the presence of -Member of the Government Committee.Member of the Government Committee.Member of the Government Committee.3. (In case of a Company) -
The seal of the.......................... Company, Limited was affixed by virtue of the resolution of the Board, No............ dated the..............In the presence of -DirectorDirectorDirectorN.B. - In case of either a Society under Act XXI of 1850 or II of 1912 or a Company incorporated under the Companies Act, the Director of Industries should require a copy of the resolution above referred to certified correct (either by one of the members of the Governing Committee, the Society or by the Director or Secretary of the Company, as the case may be, authorising the particular executant or executants to sign or to affix the seal. It is, however not necessary for the persons mentioned above always to execute the mortgage itself and it is sometimes not convenient for them to do so in person as it involves all the officers in question appearing before the Sub- Registrar and bringing with them the seal of the Society or Company. If they so desire, they may execute a special power-of-attorney authorising any respectable person - preferably one of their own body to do all things necessary for the single transaction, viz., 'the completion of the mortgage' which will be referred to the preamble such power-of-attorney. In that case the power-of-attorney will require to be executed on paper stamped at Rs. 2 and, though it need not be registered or authenticated by the Sub-Registrar (vide Circular No. 49/3076/1-30 from the Inspector General of Registration Punjab dated 7th August, 1933). The Director of Industries may require the same to have been attested under section 85 of the Indian Evidence Act. Where the mortgage is executed by an attorney it will (if for a team exceeding one year) be presented for registration by the Attorney.Signed on behalf of the Governor of Punjab by :In the presence of -Director of Industries, Punjab, Mortgagee1. That the said sum of Rs.__________ will be utilised within six months for the purpose or purposes for which it is granted and for no other purpose what-so-ever.
2. That the works and account books of the obligor will be open to inspection by any officer of the Industries Department in this behalf, and that the District Industries Officer/Assistant District Industries Officer's Instructions for better workmanship or accountancy shall be complied with by the obligor.
3. All machinery or anything purchased or acquired with the said subsidy for the purposes mentioned in Schedule shall during the subsistence of this bond, be and remain the property of the Government and it shall be held by the obligor as trustee of the Government and no part of the proceeds of the said subsidy will be sold or otherwise transferred or disposed of without the consent of the Government and if he required the obligor shall at his own cost insure all such machinery or things against fire.
4. The obligor shall submit a progress report every six months to the District Industries Officer/Assistant District Industries Officer concerned from the date of receipt of subsidy and shall continue to do so upto a period of three years from the date from which the entire amount of subsidy was utilised.
5. The obligor shall continue to carry on the leather industry diligently and faithfully for a period of at least three years from the date of the utilisation of the entire amount of subsidy for the purpose for which it is granted.
6. The stamp duty on this instrument shall be borne by the Government.
Schedule 3
(Purposes for which subsidy is to be utilised)(Signature of this Obligor)In the presence it :-1. Witness________________
Occupation_____________Address________________2. Witness________________
Occupation_____________Address________________Accepted by Director of Industries, Haryanaatfor and on behalf of the Governor of the Haryana.| The | day of | 19 | Witness :- |
| 1. Name with designation. | |||
| 2. Name with designation. |
1. [In pursuance of the said agreement and for purpose of in party securing the said sum of Rs.___________ (receipt whereof the Principal/Mortgagor hereby acknowledges) the Principal/Mortgagor hereby covenants with the Government to pay to the Government before the____________ day of___________ 19 __________ the said sum of rupees___________ with interest thereon at the rate of rupees__________ per cent per annum with a debate of four per cent per annum if the repayment of the principal and the payment of interest are made on due dates and the loan is being utilised or has been utilised for the purpose or purposes for which it was granted and the conditions on which it was granted are being or have been duly fulfilled and for so long as any part there of shall remain owing to pay interest at the rate as aforesaid on the moneys for the time being so remaining owing provided never the less that :-] [Preamble substituted by Haryana Notification No. GSR 20/PA5/35 Section 46/Amd(1)/77 dated 28.1.1977.]
2. And in further pursuance of the said agreement and for the consideration aforesaid the Mortgagor as beneficial owner doth hereby grant, convey and assign up to Government -
3. And This Indenture further witnesseth that in further pursuance of the said agreement and as security for the said sum of Rs............. and interest, the surety as beneficial owner doth hereby grant, convey and assign unto Government all and several the properties referred to in the said Schedule II and those delineated in the map or plan hereto attached to have and to hold the same unto and to the use of Government its successors and assigns for ever subject to the proviso for redemption hereinafter contained and the surety doth further covenant that if the Mortgagor shall make default in the payment of the loan hereby granted and the moneys hereby secured or any part thereof or of any interest thereon the date or dates on which the same shall be or become payable, then the whole of the said loan and interest whether added to the principal and itself being interest or not or such part as may then or thereafter be due and unpaid shall become due and payable by the sureties jointly and severally and Government shall be at liberty to recover the same from the surety or from the property hereby mortgaged by sale thereof or by a notice under the Punjab State Aid to Industries Act as Government may think fit and that whether Government shall have pursued all or any of its remedies against the Mortgagor or his property hereby mortgaged or not.
4. Provided Always that when the hereinbefore mentioned covenants for payment shall have been satisfied and the principal sum together with all interest due thereon shall have been entirely paid, Government as mortgagee shall at the request and cost of Mortgagor and Surety, respectively reconvey the properties or remainder thereof as they respectively shall direct.
5. And in further pursuance of the agreement and covenants referred to above, the Mortgagor and the surety do hereby agree to insure the entire machinery and stock in the said.................. and if so required all other properties hereinafter referred to against fire the full extent of the loan and that the policy of insurance shall be taken out in the joint name of the Mortgagor (or surety) and the Punjab Government and that it shall be deposited with the Director of Industries, Punjab. The Mortgagor or Surety shall pay all premiums and at his own cost renew the policy every year during the currency of the loan failing which Government may pay the same and add such premiums and all expenses with interest to the loan hereby secured.
6. It is further agreed by the Mortgagor and Surety that notwithstanding anything hereinbefore contained, Government or the Director of Industries, Punjab, may by the appointed of its own Directors or otherwise exercise such control over the conduct of the industries to which State Aid has been given as shall suffice in their or his opinion to safeguard the interests of Government in such industrial concern, and that the Mortgagor shall forthwith comply with all recommendations made by the Director of Industries or the Director so appointed.
7. It is further agreed that the stamp on this instrument shall be borne by and the same shall be presented for registration by and at the cost of the Mortgagor.
8. It is further agreed that until the entire amount is repaid with interest, the Mortgagor will undertake free training of apprentices selected by the Director of Industries, Punjab not exceeding three in number, at any one time, in the work carried on by the Mortgagor and that non-fulfilment of this condition shall be deemed a default in compliance with this deed.
I
(Above referred to)II
(Above referred to)In witness whereof the parties have hereunto set their hands :-| Witnesses | 1................................................ |
| 2................................................ |
1. [In pursuance of the said agreement and for purpose of in party securing the said sum of Rs.___________ (receipt whereof the Principal/Mortgagor hereby acknowledges) the Principal/Mortgagor hereby covenants with the Government to pay to the Government before the____________ day of___________ 19 __________ the said sum of rupees___________ with interest thereon at the rate of rupees__________ per cent per annum with a debate of four per cent per annum if the repayment of the principal and the payment of interest are made on due dates and the loan is being utilised or has been utilised for the purpose or purposes for which it was granted and the conditions on which it was granted are being or have been duly fulfilled and for so long as any part there of shall remain owing to pay interest at the rate as aforesaid on the moneys for the time being so remaining owing provided never the less that :-] [Preamble Substituted by Haryana Notification No. GSR 20/PA5/35 Section 46/Amd(1)/77 dated 28.1.1977.]
2. And this agreement further witnessth that in further pursuance of the said agreement and as security for the said sum of Rs._____________ and interest the sureties doth hereby agree that if the Principal shall make default in the payment of the loan hereby granted or any part thereof or of any interest thereon on the date or dates on which the same shall be or become payable then the whole of the said loan and interest whether added to the principal and itself being interest or not/or such part as may then or thereafter be due and unpaid shall become due and payable by the sureties jointly and severally and Government shall be at liberty to recover the same from the sureties by a notice under the Punjab State Aid to Industries Act, 1935, as Government may think fit.
3. It is, further, agreed by the Principal and sureties that notwithstanding anything hereinbefore contained, the Director of Industries, Punjab, may by the appointment of its own Directors or otherwise exercise such control over the conduct of the industries to which State aid has been given as shall suffice in his opinion to safeguard the interest of Government in such industrial concern and that the Principal shall forthwith comply with all recommendations made by the Director of Industries or the Director so appointed.
4. It is further agreed that the stamp on this instrument shall be borne by the Principal.
5. It is further agreed that until the entire amount is repaid with interest the Principal will undertake free training of apprentices selected by the Director of Industries, Punjab, not exceeding three in number, at any one time, in the work carried on by the Principal and that non-fulfilment of this condition shall be deemed a default in compliance with this deed.
In witness whereof the parties have hereunto set their hands in the year of the Republic of India.1.
2.
Signed for and on behalf of the Governor of Punjab.Director of Industries, Punjab.Witnesses1.
2.
Form 'E'[Form of agreement deed for a loan to a co-operative society.] [Caption added by Haryana Notification No. G.S.R.-50P.A. 5/35/Section 46/Amd.(2)/80, dated 1.5.1980.]This Agreement made on the............. day of............ 19 .Between :-"............................. a Society registered under the See [Punjab Co-operative Societies] [Punjab Co-operative Societies Act, 1961.], [1964] [Substituted by Punjab Government Notification No. G.S.R. 220/P.A.5/35/Section 46/Amd(2),164, dated 22nd September, 1964.], with principal place of business at........................... (hereinafter referred to as the Society which expression shall, where the context so admits, include its successor, and assigns) of the first part.And Secondly the Governor of Punjab through the Director of Industries, Punjab/District Industries Officer......................... hereinafter referred to as Government of the second part.Whereas the Society has applied under section 17 of the Punjab State Aid to Industries Act, 1935, to the Director of Industries, Punjab/District Industries Officer............................ for a loan of Rs................ for the purpose of..................And Whereas the Society has been established with the object of facilitating the operation of............................................... industry and whereas the total amount of liability of the members of the Society in accordance with the bye-laws of the Society or rules under the Punjab Co-operative Societies Act, [1964] [Substituted by Punjab Government Notification No. G.S.R. 220/P.A.5/35/Section 46/Amd(2),164, dated 22nd September, 1964.], is not less than twice the amount of loan applied for.And Whereas the Director of Industries, Punjab/District Industries Officer,..................... has accordingly agreed to grant a loan of Rs.......... to be utilised for................... to the Society subject to the conditions hereinafter appearing.Now this Agreement Witnesseth that :-1. (i) In pursuance of the said agreement and for purpose of the part securing the said sum of Rs........................... (the receipt whereof the Society hereby acknowledges) the Society hereby covenants with the Government to repay to Government, the said sum of Rs...................... with interest thereon at the rate of Rs....................... per cent per annum [with a rebate of four per cent per annum if the repayment of the principal and the payment of interest are made on due dates and the loan is being utilised or has been utilised for the purpose or purposes for which it was granted and the conditions on which it was granted, are being or have been duly fulfilled.] [Words added by Haryana Notification No. GSR 20/PA5/35 Section 46/Amd(1)/77 dated 28.1.1977.] computed from............................... in the following instalments :-
Instalments -First instalment of the sum of Rs................... representing the interest on the loan at the said rate for a period of one year commencing from.......................... to......................... shall be payable on the.................. day of.................................Second instalment of Rs............................. out of the principal amount shall be payable on the.................... day of...................Third instalment of Rs........................ out of the principal amount shall be payable on the................... day of......................Fourth instalment of Rs........................ out of the principal amount shall be payable on the..................... day of..................Fifth instalment of Rs......................... out of the principal amount shall be payable on the.......................... day of...................Sixth instalment of Rs......................... out of the principal amount shall be payable on the.......................... day of...................Seventh instalment of Rs......................... out of the principal amount shall be payable on the.......................... day of...................And the Society shall with each of the second to seventh instalments pay interest at the rate aforesaid accrued on the entire amount of loan remaining due immediately before such payment :Provided that the Director of Industries, may, for sufficient reasons, postpone the payment of interest on the due date or a period of one year at a time. If the payment of interest is so postponed, the amount of interest so postponed shall be considered added to the principal amount then remaining due and shall be payable by the Society to the Government with interest at the rate aforesaid and the amount of each instalment of principal then remaining due shall be increased by the amount equal to the amount of interest so postponed divided by the number of instalments as have not become due at that time :Provided further that the Director of Industries, may, at the written request of the Society extend the due date of payment of any instalment of the principal so however, that the total period of complete repayment of the loan with interest does not exceed ten years from the date of disbursement of the loan.2. It is further agreed by the Society that notwithstanding anything hereinbefore contained, the Director of Industries, Punjab, may, by the appointments of its own Directors or otherwise exercise such control over the conduct of the industry to which State Aid has been given, as shall suffice in his opinion to safeguard the interests of Government in such industrial concern and that the Society shall forthwith comply with all recommendations made by the Director of Industries, or the Director so appointed.
3. It is further agreed that until the entire amount of loan is repaid with interest, the Society will undertake free training of apprentices selected by the Director of Industries, Punjab, not exceeding three in number, at any one time, the work carried on by the Principal and that non-fulfilment of this condition shall be deemed a default in compliance with this deed.
In Witness Whereof the parties have hereunto set their hands in the............... year of the Republic of India.Signed for an on behalf of the above-named Society.The seal of the................. (the Society hereinbefore referred to) was hereunto affixed by virtue of a resolution of the Managing Committee No.................., dated the.................. day of..................In the presence of -Member of the Managing Committee.Member of the Managing Committee.Member of the Managing Committee.In the presence of :-| 1.______________ | Signature for and on behalf of the Governor of Punjab by |
| Witnesses | |
| 2.______________ | Director of Industries, Punjab. |
| (Hereinafter| himselfthemselves| its, histheir| local representatives assigns, jointly and severally referred to as the Mortgagor of the first part :- |
1. (i) The entire amount of Rs................. including Rs..............., advanced as loan and Rs..................... deposited by the Mortgagor shall be deposited in the State Bank of India/Punjab National Bank, Limited, in the Joint names of................. and the Mortgagor. The Mortgagor shall not be entitled to withdraw the amount from the said deposit without the authorisation of...................... but D.I.O. shall have the right to operate the joint account without the consent or authority of the mortgagor.
1. Rs.
2. Rs.
3. Rs.
4. Rs.
5. Rs.
In addition the mortgagor shall with each instalment pay interest at the rate of.................. per cent per annum [with a rebate of four per cent per annum if the repayment of the principal and the payment of interest are made on due dates and the loan is being utilised or has been utilised for the purpose or purposes for which it was granted and the conditions on which it was granted are being or have been duly fulfilled.] [Added by Haryana Notification No. GSR 20/PA5/35 Section 46/Amd(1)/77 dated 28.1.1977.] on the amounts due immediately before such payment. The first instalment shall fall due on the expiry of the two years of the date of the opening of the account. The interest on the loan shall accrue from the date of the opening of the account in the Bank. No interest shall, however, be recovered alongwith the first instalment and the interest accruing during the first two years will be spread over the remaining period of the recovery.3. Provided always that when the convents for payment contained herein shall have been satisfied and the principal sum together with all interest due thereon shall have been entirely paid, Government as mortgagor shall at the request and cost of the mortgagor reconvey the properties mortgaged or remained there as he shall direct.
4. And in further pursuance of the agreement and convenants referred to above the mortgagor hereby agrees to insure against fire up to the full amount of the loan the entire machinery and stock in mortgagor's............... And if Government so desire all other property hereby mortgaged and that the policy of insurance shall be taken out in the joint name of the mortgagor and the Punjab Government and that it shall be deposited with the Director of Industries, Punjab. The mortgagor shall pay all premiums and at his own cost renew the policy very year during the currency of the loan, failing which Government may pay the same and such premiums shall form part of the loan secured with interest under this mortgagor.
5. The mortgagor shall be required to put up engraved metal plates of the prescribed size containing the words 'pledged to Government' at his own cost on every machine and shall be liable to pay as liquidated damages a sum not exceeding Rs. 500 if he wilfully removes or defaces the plate.
6. It is further agreed by the mortgagor that notwithstanding anything hereinbefore contained, Government or the Director of Industries, Punjab, may by the appointment of its own Directors or otherwise exercise such control over the conduct of the industry to which State Aid has been given, as shall suffice in their or his opinion to safeguard the interest of Government in such industrial concern, and that the mortgagor shall forthwith comply with all recommendations made by the Director of Industries or the Director so appointed.
7. It is further agreed that any plant or machinery and property mortgaged hereby whether specified in the deed as security or not of the borrower during the currency of the loan shall until the loan is repaid in full with interest thereon, remain hypothecated to the Government as Collateral security and any transfer thereof, assignment of any right, title or interest therein or the creation of any mortgage, encumbrance or any other charge thereon by the mortgagor shall be void against Government unless it has been made with the previous written consent of sanctioning authority.
8. It is further agreed that until the entire amount is repaid with interest, the mortgagor will undertake free training of apprentices selected by the Director of Industries, Punjab, not exceeding three in number, at any one time in the work carried on by the Mortgagor and that non-fulfilment of this condition shall be deemed a default in compliance with this deed.
9. It is further agreed that the stamp on this instrument shall be borne by the mortgagor and the same shall be presented for registration by the mortgagor and registered at his own cost.
10. Government shall be entitled to enforce the mortgage subject to its rights under the deed of conveyance dated............. without suing on the basis of the said dead of conveyance.
I
(Above referred to)I. (i) Serial No. of Plot.2. Occupation.
3. Address.
II. 1. Signature.2. Occupation.
3. Address.
by the Mortgagor should be one through Signed by the above-named in the appropriate form as follows :- firm of **Name or names of firm or partners Partner of the said firm thereof.In the presence of :-Witness (1)Occupation.Address.Witness (2)Occupation.Address.N.B. - The Director of Industries should be satisfied from a partnership deed or otherwise that the executant has full power as such to bind the firm and attention is called to section 58(d) of the Indian Partnership Act, 1932 failing which a special Power-of-Attorney should be demanded from absent partners in favour of the persons signing which should be retained with Government's copy of the Mortgage.2. (In the case of a Society) :-
The Seal of the................... (the society hereinbefore referred to) was hereunto affixed by virtue of a resolution of Governing Committee No........................................, dated the.............................., day of......................., 19 .In the presence of :-Member of the Governing Committee.Member of the Governing Committee.Member of the Governing Committee.3. (In the case of company) :-
The seal of the.................. Company, Limited, was affixed by virtue of the resolution of the Board, No........................., dated the................. day of,........................., 19 .In the presence of :-Director.Director.Secretary.N.B. - In the case of either a Society under Act XXI of 1860 or II of II of 1912 or a company incorporated under the Companies Act, the Director of Industries should require a copy of the resolution above referred to certified correct (either by one of the members of the Government Committee of the Society or by a Director or Secretary of the Company as the case may be) authorising the particular executant as to sign or to affix the seal. It is, however, not necessary for the persons mentioned above always to execute the mortgage itself, and it is, sometime, not convenient for them to do so in person as it involves all the officers in question appearing before the Sub- Registrar and bringing with them the seal of the society or company. If they so desire they may execute a special Power-of-Attorney authorising any respectable person preferably one of their own body to do all things necessary for the single transaction, viz., the completion of the mortgage which will be referred to in the preamble to such Power-of-Attorney. In that case the Power-of-Attorney will require to be the executed on paper stamped at Rs. 2 and though it need not be registered or authenticated by the Sub-Registrar (vide circular No. 49/3076/1-30, from the Inspector-General of Registration, Punjab, dated the 7th August, 1933). The Director of Industries may require the same to have been attested under section 85 of the Indian Evidence Act where the mortgagee is executed by an Attorney it will (if for a term exceeding one year) be presented for registration by the Attorney.Singed on behalf of the Governor of Punjab.Director of Industries, Punjab.Mortgagee.In the presence of -| And whereasit has been observed that| the above-mentioned loanthe conditions on which the| has not been applied to the purpose for which it was granted. |
| I, therefore, hereby declare that the said| said amountbalance| of Rs. ------------------------ |
| No. DL-2/----------------dated| SimlaChandigarh| the---------------------19 |
| (hereinafter| himself its, histhemselves their| heirs and legal representatives assign jointly and severally referred to as the Mortgagor of the first part. |
1. (i) The Mortgagor has deposited Rs.------------------- in cash in the State Bank of India--------------------, on account of the contribution to be made by him, the cost of the plot viz., Rs.--------- already purchased and/or the depreciated cost of the factory building already constructed, viz., Rs.------------ has been accounted for towards the contribution to be made by the Mortgagor.
(ii)The entire amount of---------- including Rs.-------------- advanced as loan and Rs.-------------- deposited by the Mortgagor shall be deposited in the State Bank of India------------------, in the Joint names of District Industries Officer ----------------------, and the Mortgagor. The Mortgagor shall not be entitled to withdraw the amount from the said deposit without the authorisation and counter signature of---------------------------- but the said District Industries Officer, shall have the right to operate the joint account without the consent or authority of the mortgagor.(iii)The mortgagor shall be allowed to utilise such sum not exceeding Mortgagor's own contribution as may be determined by the District Industries Officer from the bank deposit referred to in clause 1(ii) of this deed for payment of the cost of development charges of the area in which the plot to be built upon is situated. In case the cost of development charges is higher than the amount drawn out of the said bank deposit, the balance amount of the cost of development charges as determined by the District Industries Officer in consultation with the District Evaluation Committee, will be met by mortgagor from his own resources and shall be reimbursed to the mortgagor out of the bank deposit as soon as the amount is actually spent on the development of the area and the mortgagor furnishes a proof of such expenditure to the satisfaction of the District Industries Officer. If the actual amount spent on the development of the area is less than the amount drawn by the mortgagor from the joint account, the mortgagor shall repay the difference to the District Industries Officer for being re-deposited in the said joint account.The balance amount in the said bank deposit shall be utilised in three instalments each to be determined by the District Industries Officer. First instalment shall be utilized by the mortgagor for raising the construction of the factory building up to the plinth level, second instalment shall be utilized for raising the building up to the roof level and third instalment for roofing and flooring and installation of electricity and other allied objects.(iv)The mortgagor shall repay the loan of Rs.-------------- in the following eleven annual instalments on or before the dates mentioned against each :-2. And in further pursuance of the said agreement and for the considerations aforesaid the mortgagor as beneficial owner doth hereby grant, convey and assign unto Government.
3. Provided always that when the covenants for payment contained therein shall have been satisfied and the principal sum together with all interest due thereon shall have been entirely paid, Government as mortgagee shall at the request and cost of the mortgagor reconvey the properties mortgaged or remainder thereof as he shall direct.
4. And in further pursuance of the agreement and covenants referred to above, the mortgagor hereby agrees to insure against fire up to the full amount of the loan, the entire factory building and machinery and stock in the said concern ----------------, and if Government so desire all other property hereby mortgaged and the policy of insurance shall be taken out in the joint name of the mortgagor and the Punjab Government and that it shall be deposited with the Director of Industries, Punjab. The mortgagor shall pay all premiums, and at his own cost renew the policy every year during the currency of the loan, failing which Government may pay the same and such premiums shall form part of the loan secured with interest under this mortgage.
5. It is further agreed by the mortgagor that, notwithstanding anything hereinbefore contained, Government or the Director of Industries, Punjab, may by the appointment of its own directors or otherwise exercise such control over the conduct of the industry to which State-Aid has been given, as shall suffice in their or his opinion to safeguard the interest of Government in such industrial concern, and that the mortgagor shall forthwith comply with all recommendations made by the Director of Industries or the Director so appointed.
6. It is further agreed that until the entire amount is repaid with interest, the mortgagor will undertake free training of apprentices selected by the Director of Industries, Punjab, not exceeding three in number, at any one time, in the work carried on by the mortgagor and that non-fulfilment of this condition shall be deemed as default in compliance with this deed.
7. It is further agreed that the stamp on this instrument shall be borne by the mortgagor and the same shall be presented for registration by the mortgagor and registered at his own cost.
"Schedule I"(above referred to)I. (i) No./Hadbast of Plot and its location.1. (a) (In case an individual)--Shri ----------------------------------- signed by the above-named mortgagor, proprietor of ---------------------------
----------------------------.In the presence of -*(i) (1) Signature2. (In the case of society) -
The seal of the-------------------------(the society hereinbefore rement Committee No.-------------------, dated the ------------------- day of----------------- 19In the presence of -Member of the Governing Committee.Member of the Governing Committee.Member of the Governing Committee.3. (In the case of company) -
The Seal of the------------------- Company, Limited was affixed by virtue of the resolution of the Board, No.-------------, dated the------------- day of------------------- 19.In the presence of -DirectorDirectorSecretaryN.B. - In the case of either a society under the Punjab Co-operative Societies Act, [1961] [Substituted by Punjab Government Notification No. G.S.R. 220/P.A.S/35/Section 46/md(2)/64, dated the 22nd September, 1964.] or a company incorporated under the Companies Act, 1956, the Director of Industries should require a copy of the resolution above referred to certified correct (either by one of the members of the Governing Committee of the society or by a Director Secretary of the company, as the case may be) authorising the particular executant as to sign or to affix the seal. It is, however, not necessary for the persons mentioned above always to execute the mortgage itself, and it is, sometimes, not convenient for them to do so in person as it involves all the officers in question appearing before the Sub-Registrar and bringing with them the seal of the Society or Company. If they so desire they may execute a special Power-of-Attorney authorising any respectable person preferably one of their own body to do all things necessary for the single transaction, viz., "the completion of the mortgage" which will he referred to in the preamble to such Power-of-Attorney. In that case the Power-of-Attorney will require to be executed on paper stamped at Rs. 2 and though it need not be registered or authenticated by the Sub-Registrar (vide circular No. 49/3076/1-30, from the Inspector General of Registration, Punjab dated the 7th August, 1933). The Director of Industries may require the same to have been attested under section 85 of the Indian Evidence Act. Where the mortgage is executed by an Attorney it will (if for a term exceeding one year) be presented for registration by the Attorney.| In the presence of - | Signed on behalf of the Governor of Punjab.Joint Director of Industries, Punjab. |
| Witnesses(1) | Mortgagee.(2) |
1. The Borrower has deposited Rs.---------------- with the State Bank of India ----------------------- on account of the contribution to be made by him towards the cost of the plot and construction of the factory building.
4. After the Borrower has purchased and mortgaged the plot as aforesaid and re-deposited the amount by which the cost of the plot purchased by him is less than the amount withdrawn by him from the said joint account, the balance amount in the said joint account left after making the reimbursement mentioned in clause 3 thereof shall be utilised in --------------- instalments the amount of each of which shall be determined by the District Industries Officer. First instalment shall be utilised by the Borrower for meeting the development charges of the area in which the plot to be built upon is situated and raising the construction of factory building up to plinth level, the second instalment shall be utilised for raising the factory building up to the roof level and the third instalment shall be utilised for the roofing, flooring, installation of electricity and other allied objects.
5. The borrower shall repay the loan amount of Rs.---------------- in the following -------------------- annual instalments on or before the dated mentions against each :-
1. Rs. ---------------- on the ------------------ day of ----------- 19
2. Rs. ---------------- on the ------------------ day of ----------- 19
3. Rs. ---------------- on the ------------------ day of ----------- 19
4. Rs. ---------------- on the ------------------ day of ----------- 19
5. Rs. ---------------- on the ------------------ day of ----------- 19
6. Rs. ---------------- on the ------------------ day of ----------- 19
7. Rs. ---------------- on the ------------------ day of ----------- 19
8. Rs. ---------------- on the ------------------ day of ----------- 19
9. Rs. ---------------- on the ------------------ day of ----------- 19
10. Rs.---------------- on the ------------------ day of ----------- 19
11. Rs. --------------- on the ------------------ day of ----------- 19
12. Rs. --------------- on the ------------------ day of ----------- 19
13. Rs. --------------- on the ------------------ day of ----------- 19
14. Rs. --------------- on the ------------------ day of ----------- 19
15. Rs. --------------- on the ------------------ day of ----------- 19
[In addition the borrower shall with each instalment pay interest at the rate of rupees__________ per cent per annum with a rebate of 4 per cent per annum if the repayment of the principal and the payment of interest are made on due dates and the loan is being utilised or has been utilised for the purpose or purposes for which it was granted and the conditions on which it was granted are being or have been duly fulfilled. The borrower shall pay interest at the aforesaid rate on the first anniversary of the date on which the loan amount is deposited in the State Bank of India and thereafter, he shall along with each instalment pay interest at the said rate on all sums due immediately on or before such payment.] [Substituted by Haryana Notification No. GSR 20/PA5/35 Section 46/Amd(1)/77 dated 28.1.1977.]6. It shall be lawful for the Director of Industries, Punjab, at his sole discretion and at the request of the Borrower to extend the time for payment of any instalment as provided in the rules framed under the Punjab State Aid to Industries Act, 1935.
7. It shall be lawful for the Borrower at any time to repay the whole or any portion of the said loan in excess of the instalments referred to above or prior to the due date of any instalment.
8. The said loan is made under the provisions of the Punjab State Aid to Industries Act, 1935, and the rules made thereunder.
9. The development of the plot to be purchased and the construction of the factory building thereon shall be the sole responsibility of the Borrower and he shall utilise the loan properly within a period of one year of the date of the opening of the joint account in the bank.
10. The Borrower, shall not except with the approval of the said Director of Industries previously obtained, withdraw from the Industrial concern for the purpose of which the said loan is hereby granted, any profits in excess of such percentage rate upon the amount of the capital of the industrial concern as may be determined by the Director of Industries, Punjab in each case, so long as any part of the loan or the State Aid remains unpaid or this agreement remains in force.
11. It is further agreed that until the entire amount is repaid with interest, the Borrower will undertake free training of apprentices selected by the Director of Industries, Punjab not exceeding three in number, at any one time, in the work carried on by the borrower, and that non-fulfilment of this condition shall be deemed as default in compliance with this agreement.
12. If the borrower shall make default in compliance with any of the terms or conditions of this deed or in the repayment of any instalment of the loan hereby granted and the moneys hereby secured or any part thereof together with any interest that may be due thereon on the date or dates on which such moneys and such interest shall be payable, the entire amount of loan withdrawn by him and outstanding against him shall become immediately payable and the amount then lying deposited in the Bank may be withdrawn by the District Industries Officer and appropriated towards the amount due from the borrower and from the date of default Government shall be entitled to charge interest [at the rate of rupees....... per cent per annum] [Substituted for 'at an enhanced rate of 7-½ per cent per annum' by Haryana Notification No. GSR 20/PA5/35 Section 46/Amd(1)/77 dated 28.1.1977.] and without prejudice to other rights and remedies of Government, the said Director of Industries may himself issue a notice under Section 23 of the said Act for the balance recoverable from the Borrower and the moneys duly specified therein shall become immediately payable as if a money decree therefor had been passed by a Civil Court in the exercise of its ordinary original jurisdiction.
13. The stamp on this instrument shall be borne by the borrower.
In witness whereof the parties have hereunto set their hands on the dates, respectively, mentioned against their signatures in the ----------------- year of Republic of India.1. (a) (In case of an individual) Shri ------------------------------ signed by the above named borrower, proprietor of -----------------------.
In the presence of :-I. (1) Signature2. (In the case of a society)
The seal of the -------------------- (the Society hereinbefore referred to) as hereunto affixed by virtue of a resolution of Governing Committee No.-------------------, dated the --------------------, day of ------------- 19 .In the presence of :Member of Governing Committee.Member of Governing Committee.Member of Governing Committee.3. (In the case of a company)
The seal of the ------------------- Company, Limited, was affixed by virtue of the resolution of the Board No. ------------, dated the -------------, day of ------------ 19 .In the presence of :DirectorDirectorSecretary.N.B. - In the case of either a society under the Punjab Co-operative Societies Act, 1954, or a company incorporated under the Companies Act, 1956, the Director of Industries should require a copy of the resolution above referred to certified correct (either by one of the members of the Governing Committee of the Society or by a Director or Secretary of the Company, as the case may be) authorising the particular executant as to sign or to affix the seal. It is, however, not necessary for the persons mentioned above always to execute the agreement itself, and is sometimes, not convenient for them to do so in persons as it involves all the officers in question appearing before the Sub- Registrar and bringing with them the seal of the Society or Company. If they so desire they may execute a special Power-of-Attorney authorising any respectable person preferably one of their own body to do all things necessary for the single transaction, viz., the completion of. In that the Power-of- Attorney will require to be executed on paper stamped at Rs. 2 and though it need not be registered or authenticated by the Sub-Registrar (vide circular No. 49/3076/1-30, from the Inspector-General of Registration, Punjab dated the 7th August, 1933. The Director of Industries may require the same to have been attested under section 85 of the Indian Evidence Act. Where the agreement is executed by an Attorney, it will (if for a term exceeding one year), be presented for registration by the Attorney.In the presence of : Signed on behalf of the Governor of Punjab.Witnesses (1)1. The Mortgagor for consideration mentioned in the Principal Deed and to secure the said loan of Rs. --------------------- and interest due thereon doth as beneficial owner of the plot hereby grant, convey and assign unto Government :-
2. Provided always when the covenants for payment contained in the Principal Deed shall have been satisfied and the principal sum together with all interest due thereon shall have been entirely paid, Government as mortgagee shall at the request and cost of the mortgagor reconvey the properties mortgaged or remainder thereof as he shall direct.
3. And in further pursuance of the agreement and covenants referred to above, the Mortgagor hereby agrees to insure against fire upto to the full amount of the loan, the entire factory building and machinery and stock in the said concern ----------------, and all other property hereby mortgaged and that the policy of insurance shall be taken out in the joint names of the mortgagor and the Punjab Government and that it shall be deposited with the Director of Industries, Punjab. The mortgagor shall pay all premiums, and at his own cost renew the policy every year during the currency of the loan, failing which Government may pay the same and such premiums shall form part of the loan secured with interest under this mortgage.
4. It is further agreed by the mortgagor that, notwithstanding anything hereinbefore contained, Government or the Director of Industries, Punjab, may by the appointment of its own directors or otherwise exercise such control over the conduct of the industry to which State-Aid has been given, as shall suffice in their or his opinion to safeguard the interest of Government in such industrial concern, and that the mortgagor shall forthwith comply with all recommendations made by the Director of Industries or the Director so appointed.
5. The said loan of Rs --------------- and interest due thereon shall be recoverable under the terms and conditions contained in the Principal Deed in accordance with the provisions of the Punjab State Aid to Industries Act, 1935, and the rules made thereunder.
6. The building shall be got constructed by the Mortgagor in accordance with the plan approved by the Executive Engineer, P.W.D., B. and R. Branch, concerned according to the bye-laws governing the construction of factory building in the Industrial Areas of Punjab. The Mortgagor shall also get the approval of the Municipal Committee or the local authority concerned for the construction of factory building.
7. The construction of the factory building shall be the sole responsibility of the Mortgagor [and he shall utilize the loan amount properly within a period of [six months] [Substituted by Punjab Government Notification No. G.S.R.220/P.A.5/35/Section 46/ Amd.(2)/64, dated the 22nd September, 1964.] from the date of disbursement or such extended period as may be allowed by the Director of Industries, Punjab, or any officer authorised by him from time to time in this behalf'.]
8. It is further agreed that the stamp duty on this instrument shall be borne by Government and the same shall be presented for registration by the mortgagor and registered at his own cost.
"Schedule I"(Above referred to)I. (i) No./Hadbast of Plot and its location.(ii)Name of locality.(iii)Area of the plot in acres/square yards.(iv)Detailed dimensions, viz., length, breadth and diagonals, etc. in case of irregular size of plot.(v)Description of boundaries on the-(a)North bounded by.(b)South bounded by.(c)East bounded by.(d)West bounded by.II. Factory buildings or to be and other assets including, book debts, [ - ] [The words 'stocks and stores and' omitted by Haryana Notification No. GSR90/PA5/35Section 46/76 dated 20.4.1976.] shares, machinery and equipment existing or to be purchased.III. Personal security of the Mortgagor.In witness whereof the parties have hereunto set their hands on the dates, respectively, mentioned against their signatures in the ---------------------- year of the Republic of India.(i) (a)(In case of the individual) Shri --------------------------------------- signed by the above named mortgagor, proprietor of ----------------------------In the presence of :-I. (1) Signature2. (In the case of a society)
The seal of the -------------------- (the Society hereinbefore referred to) as hereunto affixed by virtue of a resolution of Governing Committee No.-------------------, dated the --------------------, day of ------------- 19 .In the presence of :Member of Governing Committee.Member of Governing Committee.Member of Governing Committee.3. (In the case of accompany)
The seal of the ------------------- Company, Limited, was affixed by virtue of the resolution of the Board No. ------------, dated the -------------, day of -------------- 19.In the presence of :DirectorDirectorSecretaryN.B. - In the case of either a society under the Punjab Co-operative Societies Act, 1961, or a company incorporated under the Companies Act, 1956, the Director of Industries should require a copy of the resolution above referred to certified correct (either by one of the members of the Governing Committee of the Society or by a Director or Secretary of the Company, as the case may be) authorising the particular executant as to sign or to affix the seal. It is, however, not necessary for the persons mentioned above always to execute the agreement itself, and it is sometimes, not convenient for them to do so in persons as it involves all the officers in question appearing before the Sub- Registrar and bringing with them the seal of the Society or Company. If they so desire they may execute a special Power-of-Attorney authorising any respectable person preferably one of their own body to do all things necessary for the single transaction, viz., the completion of Power-of-Attorney. In that case the Power-of-Attorney will require to be executed on paper stamped at Rs. 3 and though it need not be registered or authenticated by the Sub-Registrar (vide circular No. 49/3076/1-30, from the Inspector-General of Registration, Punjab dated the 7th August, 1933). The Director of Industries may require the same to have been attested under section 85 of the Indian Evidence Act. Where the agreement is executed by an Attorney, it will (if for a term exceeding one year), be presented for registration by the Attorney.Signed on behalf of the Governor of Punjab.In the presence of :Witnesses (1),1.
2. And in further pursuance of the said agreement and for the consideration aforesaid the Mortgagor as beneficial power doth hereby grant, convey, and assign unto Government the assets present and to be hereafter acquired by the mortgagor whether the said assets now or in future be in his own name or that of ------------------------------------------------------ including book debts, stocks and stores the premises and machinery whether existing or to be purchased with the aid of the loan hereby granted or with any portion thereof to have and to hold the same unto and to the use of Government, its successors and assigns for ever subject to proviso for redemption hereinafter contained.
3. Provided always that when the covenants for payment contained herein shall have been rectified and the principal sum together with all interest due thereon shall have been entirely paid, Government as mortgagee shall at the request and cost of the mortgagor reconvey the properties mortgaged or remainder thereof as he shall direct.
4. And in further pursuance of the agreement and convenants referred above, the mortgagor hereby agrees to insure against fire up to the full amount of the loan, the entire factory building, machinery and stock in mortgagor's concern known as ------------------------------ and if Government so desire all other property hereby mortgaged and that the policy of insurance shall be taken out in the joint name of the mortgagor and the Punjab Government and that it shall be deposited with the Director of Industries, Punjab. The mortgagor shall pay all premiums, and at his own cost renew the policy every year during the currency of the loan, failing which Government may pay the same and such premiums shall form part of the loan secured with interest under this mortgage.
5. The mortgagor shall be required to put up engraved metal plates of the prescribed size containing the words "pledged to Government" at his own cost on every machine and shall be liable to pay as liquidated damages a sum not exceeding Rs. 500 if he wilfully removes or defaces any plate.
6. It is further agreed by the mortgagor that, notwithstanding anything hereinbefore contained, Government or the Director of Industries, Punjab, may by the appointment of its own directors or otherwise exercise such control over the conduct of the industry to which State-Aid has been given, as shall suffice in their or his opinion to safeguard the interest of Government in such industrial concern, and that the mortgagor shall forthwith comply with all recommendations made by the Director of Industries or the Director so appointed.
7. It is further agreed with until the entire amount is repaid with interest, the mortgagor will under take free training of apprentices selected by the Director of Industries, Punjab, not exceeding three in number, at any one time, in the work carried on by he mortgagor and that non-fulfilment of this condition shall be deemed a default in compliance with this deed.
8. It is further agreed with the stamp on this instalment shall be borne by the mortgagor and the same shall be presented for registration by the mortgagor and registered at his own cost.
9. The grant of extension of time or any other indulgence by the Government or the Director of Industries to the mortgagor or any forbearance on the part of the Government shall not operate to discharge the sureties from their liability under this deed.
In witness whereof the parties have hereunto set their hands on the dates, respectively, mentioned against their signature in the -------------------- year of the Republic of India.2. Occupation.
3. Address.
II. 1. Signature.2. Occupation.
3. Address.
Signed on behalf of the Governor of Punjab.Director of Industries, Punjab.Mortgagee.Form 'N'[Form of a deed for further loan to the purchasers of plots who have already taken a loan in or outside the industrial areas.] [Caption added by Haryana Notification No. G.S.R. 50P.A. 5/35/Section 46/Amd.(2)/80, dated 1.5.1980.]This further charge is made this ----------------day of ---------------- 199 between(A)The ----------------Limited, a company incorporated in India and registered under the Indian Companies Act, 1956 with registered office at ----------------------(B).................................................A Society registered under the Punjab Co-operative Societies Act [1961] [Substituted by Punjab Government Notification No. G.S.R. 220/P.A.5/35/Section 46/Amd.(2)/64, dated the 22nd September 1964.] with principal place of business at --------------------------------(C)(1) ------------------, son of -------------------, caste ------------| (hereinafter| himselfthemselves| Its, histheir| legal representatives, assignees, jointly and severally referred to as the Mortgagor of the first Part; |
1. (i) The mortgagor has further deposited Rs. ----------------- in cash with ----------------- on account of the contribution to be made by him towards the costs of ---------------.
2. The Mortgagor, as beneficial owner, hereby :-
3. And in further pursuance of the agreement and covenants referred to above, the mortgagor hereby agrees to insure against fire up to the full amount of the loan secured by this deed and the Principal Deed, the entire machinery and stock in mortgagor's ---------------------------------------------- And if Government so desires, all other property hereby mortgaged and that the policy of insurance shall be taken out in the joint name of the mortgagor and the Punjab Government and that it shall be deposited with the Director of Industries, Punjab.
The mortgagor shall party all premiums, and at his own cost renew the policy every year during the currency of the loan, failing which Government may pay the same and such premiums shall form part of the loan secured with interest under this mortgage.4. He mortgagor shall be required to put up engraved metal plates of the prescribed size containing the words "pledged to Government" at his own cost on every machine and shall be liable to pay as liquidate damages a sum not exceeding Rs. 500 if he willfully removes or defaces the plate.
5. It is further, agreed by the mortgagor that notwithstanding any thing hereinbefore contained, Government or the Director of Industries, Punjab, may by the appointment of its own directors or otherwise exercise such control over the conduct of the industry to which State Aid has been given, as shall suffice in their or his opinion to safeguard the interest of Government in such industrial concern, and that the mortgagor shall forthwith comply with all recommendations made by the Director of Industries, or the Director so appointed.
6. It is further agreed that any plant or machinery purchased by the mortgagor with the loan and mortgaged hereby whether specified in the deed as security or not shall, until the amount due under this and the principal deed are repaid in full, remain hypothecated to the Government as collateral security and any transfer thereof, assignment of any right, title or interest therein or the creation of any mortgage, encumbrance or any other charge thereon by the mortgagor shall be void against Government unless it has been made or created with the previous written consent of the authority sanctioning the loan.
7. It is further agreed with until the entire amount is repaid with interest, the mortgagor will undertake free training of apprentices selected by the Director of Industries, Punjab, not exceeding three in number, at any one time, in the work carried on by the mortgagor and that non-fulfilment of this condition shall be deemed a default in compliance with this deed.
8. It is further agreed that the stamp on this instalment shall be borne by the mortgagor and the same shall be presented for registration by the mortgagor and registered at his own cost.
9. Government shall be entitled to enforce this mortgage subject to its rights under the principal deed ------------------------------ without suing on the basis of the said principal deed.
I
(above referred to)1. (i) Serial No. of plot.
2. Occupation.
3. Address.
II. 1. Signature.2. Occupation.
3. Address.
by the mortgagor should be one through in the above named firm of* Signed by the appropriate form as follows :-*Name or names of firm or partners thereof. Partner of the said firm.In the presence of :-Witness (1)Occupation.Address.Witness (2)Occupation.Address.N.B. - The Director of Industries should be satisfied from a partnership deed or otherwise that the executant has full power as such to bind the firm and attention is called to section 58(d) of the Indian Partnership Act, 1932, failing which a special Power of Attorney should be demanded from absent partners in favour of the persons signing, which should be retained with Government's copy of the mortgagor.2. (In the case of a society) :
The seal of the ---------------------- (the society hereinbefore referred to) was hereunto affixed by virtue or a resolution of Governing Committee No. ------------------, dated the --------------------, date of ------------------ 199 .In the presence ofMember of the Governing Committee.Member of the Governing Committee.Member of the Governing Committee.3. (In the case of a company) :
The seal of the ---------------------- Company, Limited was affixed by virtue or the resolution of Board, No. ------------------, dated the --------------------, date of ------------------ 199 .In the presence of :-DirectorDirectorSecretary.N.B. - In the case of either a society under Act XXI of 1860 or II of 1912 or a company incorporated under the Companies Act, the Director of Industries should require a copy of the resolution above referred to certified correct (either by one of the members of the Governing Committee of the Society or by a Director or Secretary of the Company, as the case may be) authorising the particular executant as to sign or to affix the seal. It is, however, not necessary for the persons mentioned above always to execute the mortgage itself, and it is, sometimes, not convenient for them to do so in person as it involves all the officers in question appearing before the Sub- Registrar and bringing with them the seal of the Society or Company. If they so desire, they may execute a special power of Attorney authorising any respectable person preferably one of their own body to do all things necessary for the single transaction, viz., 'the completion of the mortgager' which will be referred to in the preamble to such Power of Attorney. In that case, the Power of Attorney will require to be executed on paper stamped at Rs. 2, and though it need not be registered or authenticated by the Sub-Registrar (Vide circular No. 49/3076/1-30, from the Inspector-General of Registration, Punjab, dated the 7th August, 1933). The Director of Industries may require the same to have been attested under Section 85 of the Indian Evidence Act. Where the mortgage is executed by an Attorney, it will (if for a term exceeding one year) be presented for registration by the Attorney.Signed on behalf of the Governor of Punjab.Deputy Director of Industries, PunjabMortgageeIn the presence ofWitnesses| residing at ----------- and himself constituting| the sole or only proprietor of thebeing all the partners |
2. The Mortgagor, as beneficial owner, hereby :-
3. And in further pursuance of the agreement and covenants referred to above, the mortgagor hereby agrees to insure against fire up to the full amount of the loan secured by this deed and the Principal Deed, the entire machinery and stock in mortgagor's ---------------------------------------------- and if Government so desires, all other property hereby mortgaged and that the policy of insurance shall be taken out in the joint name of the mortgagor and the Punjab Government and that it shall be deposited with the Director of Industries, Punjab. The mortgagor shall pay all premiums, and at his own cost renew the policy every year during the currency of the loan, failing which Government may pay the same and such premiums shall form part of the loan secured with interest under this mortgage.
4. The mortgagor shall be required to put up engraved metal plates of the prescribed size containing the words "pledged to Government" at his own cost on every machine and shall be liable to pay as liquidated damages a sum not exceeding Rs. 500 if he wilfully removes or defaces the plate.
5. It is further agreed by the mortgagor that notwithstanding any thing hereinbefore contained, Government or the Director of Industries, Punjab, may by the appointment of its own directors or otherwise exercise such control over the conduct of the industry to which State Aid has been given, as shall suffice in their or his opinion to safeguard the interest of Government in such industrial concern, and that the mortgagor shall forthwith comply with all recommendations made by the Director of Industries, or the Director so appointed.
6. It is further agreed with any plant or machinery purchased by the mortgagor with the loan and mortgaged hereby whether specified in the deed as security or not shall, until the amount due under this and the principal deed are repaid in full, remain hypothecated to the Government as collateral security and any transfer thereof, assignment of any right, title or interest therein or the creation of any mortgage, encumbrance or any other charge thereon by the mortgagor shall be void against Government unless it has been made or created with the previous written consent of the authority sanctioning the loan.
7. It is further agreed with until the entire amount is repaid with interest, the mortgagor will undertake free training of apprentices selected by the Director of Industries, Punjab, not exceeding three in number, at any one time, in the work carried on by he mortgagor and that non-fulfilment of this condition shall be deemed a default in compliance with this deed.
8. It is further agreed with the stamp on this instrument shall be borne by the mortgagor and the same shall be presented for registration by the mortgagor and registered at his own cost.
9. Government shall be entitled to enforce this mortgage subject to its rights under the principal Deed dated ----------------------- without suing on the basis of the said principal deed.
"Schedule I"(Above referred to)In witness whereof the parties have hereunto set their hands on the dates, respectively, mentioned against their signatures in the --------- year of the Republic of India.3. (In the case of a company)
The seal of the ------------------- Company, Limited was hereunto by virtue or a resolution of Board, No. ----------------, dated the -----------------, date of ------------ 199 .[Form 'P'] [Inserted by Punjab Government Notification No. G.S.R. 220/P.A./5/35/Section 46/Amd.(2)/64, dated the 22nd September, 1964.]Personal bond to be executed by the borrowerWhereas, I applied for a loan of Rs. ------------------------------------- and a loan of Rs. --------------------- has been sanctioned to me by the Director of Industries/District Industries Officer ------------------ under the provisions of the Punjab State Aid to Industries Act, 1935, and whereas I am required to execute a bond in respect of the loan of Rs. -----------------------.I ---------------, son of --------------------, caste ----------------, resident of village ---------------------, post office----------------------------, tehsil, --------------------, district --------------------- hereby agree and bind myself, my heirs (assignees) and representatives to the Governor of Punjab as under :-1. [In pursuance of the said agreement and for purpose of in party securing the said sum of Rs.___________ (receipt whereof the Principal/Mortgagor hereby acknowledges) the Principal/Mortgagor hereby covenants with the Government to pay to the Government before the____________ day of___________ 19 __________ the said sum of rupees___________ with interest thereon at the rate of rupees__________ per cent per annum with a debate of four per cent per annum if the repayment of the principal and the payment of interest are made on due dates and the loan is being utilised or has been utilised for the purpose or purposes for which it was granted and the conditions on which it was granted are being or have been duly fulfilled and for so long as any part there of shall remain owing to pay interest at the rate as aforesaid on the moneys for the time being so remaining owing provided never the less that :-] [Preamble Substituted by Haryana Notification No. GSR 20/PA5/35 Section 46/Amd(1)/77 dated 28.1.1977.]
2. And This agreement further witnesseth that in further pursuance of the said agreement and as security for the said sum of______________ rupees and interest the Borrower both hereby agree that if he shall make default in the repayment of the loan hereby granted or any part thereof or of any interest thereon within a period of six months form the date on which the loan was advanced then the same shall become due and payable by the Borrower and the Government shall be at liberty to recover the same by disposal of the material stocked by the Borrower with the District Industries Officer______________ through sale, auction or negotiation and the balance due if any, shall be recovered from the Borrower under the provisions of the Punjab State Aid to Industries, Act, 1935, and any rules made or to be made thereunder.
3. It is further agreed by the Borrower the notwithstanding anything hereinafter contained, the Director of Industries, Haryana may by the appointment of his own Directors or otherwise exercise such control over the conduct of the Industries to which the loan has been given, as shall suffice in his opinion to safeguard the interest of the Government in such industrial concern, and that the Borrower shall forthwith comply with recommendations made by the Director of Industries, Haryana, or the Director so appointed.
4. It is further agreed that the stamp on this instrument shall be borne by the Borrower.
It witness whereof the parties have hereunto set their hands in the_________ year of the Republic of India.(a)(In case of an individual) Shri__________ in the presence of :-2. And this agreement further witnesseth that in further pursuance of the said agreement and as security for the said sum of Rs_____________ and interest the Surety both hereby agree that if the Borrower shall make default in the payment of the loan hereby granted or any part thereof or of any interest thereon the date or dates on which the same shall be or become payable then the whole of the said loan and interest whether added to the principal and itself being interest on not/or such part as may then or thereafter be due and unpaid shall become due and payable by the Surety and the Government shall be at liberty to recover the same from the Surety by a notice under the Punjab State Aid to Industries Act, 1935, as the Government may think fit.
3. It is, further, agreed by the Borrower and the Surety that notwithstanding anything hereinbefore contained, the Director of Industries, Haryana, may by the appointment of its own Directors or otherwise exercise such control over the conduct of the industries, to which State aid has been given as shall suffice in his opinion to safeguard the interest of Government in such industrial concern and that the Borrower shall forthwith comply with all recommendations made by the Director of Industries or the Director so appointed.
4. It is further agreed that the stamp duty on this instrument shall be borne by the Borrower.
In Witness Whereof the parties have hereunto set their hand on the dates, respectively mentioned against their signatures in the______________ year of the Republic of India.1. Witness__________________
Proprietor of_________________2. Witness__________________
1. __________________
_____________________2. __________________
_____________________In the presence of :-Witness1.
________________ Signature for and on behalf of_________________ Governor of Haryana.2.
________________ Director of Industries, Haryana.__________________Form 'S'Form of mortgage deed for a loan exceeding exceeding Rs. 5,000 to Rs. 50,000 against the security or machinery existing or to be purchased.]This Mortgage Deed made this__________day Of_________19_______between :-2.
_______________ son of3.
_______________ son of4.
_______________ son ofResiding At_______________________, and himself, constituting the sole or only proprietor/being all the partners of the___________________ carrying on business at______________________ in the name and style of______________ (hereinafter on behalf of themselves/themselves, its his/their heirs, legal representatives, assigns, jointly and severally referred to as the Mortgagor) of the first part.And Secondly, the Governor of Haryana through the Director of Industries, Haryana (hereinafter referred to as the Government) of the second part.Whereas a loan of____________ Rupees was advanced by Government to the Mortgagor for the purchase of the machinery for the development of____________ industry on the terms and conditions contained in the agreement registered on ____________ (hereinafter called the Principal Deed).And Whereas one of the terms of the Principal Deed was that the Mortgagor shall within a period of [six months] [Substituted by Haryana GSR 102/PA 5/35/Section 46/Amd at 26-9-1980.] from the date of disbursement a Deed mortgaging the same to the Government as a security for the amount advanced to him and interest due thereon.And Whereas The Mortgagor with the amount withdrawn from the said joint account opened with the State Bank of India and cash contribution of Rs._______________ made by the Mortgagor purchased the machinery the said machinery being detailed or described more particularly in Schedule I to this Deed) from______________ vide order No._____________ on____________ and has assured the Government that he is the sole owner of machinery and the same is not mortgaged or charged or otherwise encumbered in any way.Now This Indenture Witnesseth That :-1. The Mortgagor for consideration mentioned in the Principal Deed and to secure the said loan of______________ Rupees and interest due thereon both as beneficial owner of the machinery hereby grant, convey and assign unto Government -
2. Provided always when the convenants for payment contained in the Principal Deed shall have been satisfied and the Principal sum together with all interest due thereon shall have been entirely paid the Government as Mortgagee shall at the request and cost of the Mortgagor reconvey the properties mortgaged or remainder thereof as he shall direct.
3. And in further pursuance of the agreement and convenants referred to above, the Mortgagor hereby agrees to insure against fire up to the full amount of the loan, the entire factory building and machinery and stock in the said concern_____________ and all other property hereby mortgaged and that the policy of insurance shall be taken out in the joint names of the mortgagor and the Haryana Government and that it shall be deposited with the Director of Industries, Haryana. The Mortgagor shall pay all premiums, and at his own cost renew the policy every year during the currency of the loan, failing which the government may pay the same and such premiums shall form part of the loan secured with interest under their mortgage.
4. It is further agreed by the Mortgagor that, notwithstanding anything hereinbefore contained, the Government or the Director of Industries, Haryana, may by the appointment of its own directors or otherwise exercise such control over the conduct of the industry to which the state Aid has been given, as shall suffice in their or his opinion to safeguard the interests of the Government in such industrial concern, and that the Mortgagor shall forthwith comply with all recommendations made by the Director of Industries or the Director so appointed.
5. The said loan of____________ Rupees and interest due thereon shall be recoverable under the terms and conditions contained in the Principal Deed in accordance with the provisions of the Punjab State Aid to Industries Act, 1935, and the rules made thereunder.
6. It is further agreed that the stamp duty on this instrument shall be borne by the Government and the same shall be presented for registration by the Mortgagor and registered at his own cost.
I
I. Machinery and other assets including book-debits, stocks, stores and shares and equipment, existing or to be purchased____________.II. Personal security of the Mortgagor.In witness whereof the parties have hereunto set their hands on the dates, respectively, mentioned against their signatures in the______________ year of the Republic of India.I (a) In case of the individual) Shri________________Signed by the above-named Mortgagor, Proprietor of________________In the presence of :-1. Witness______________
2. Witness______________ Proprietor of_____________
1.
___________________Signature for and on behalf of the _________________ Governor of Haryana.2.
___________________ Director of Industries, Haryana._____________________Form 'T'AffidavitIn the matter of granting loan under the State Aid to Industries Act,1. I__________________, son of Shri________________________ solemnly affirm and declare that I am the sole owner of the immovable property described below of the value of_______________ Rupees which is free from all encumbrances and I have not stood surety for any person.
2. I further declare the I have not obtained any financial assistance in respect of my business from any source and have not applied for loan against the said property to any agency.
3. I further declare that I do not constitute joint Hindu Family or hold any property or business jointly with the applicant/applicants or his/their surety.
4. I further declare that I have agreed to stand surety for the repayment of loan of____________ Rupees applied to the Director of Industries, Haryana, by Shri/Messrs.________________________ under the State Aid to Industries Act, 1935, for the purchase of machinery to be installed in the shed of Industrial Estate________________ and the interest on the aforesaid amount in case Shri/Messrs._______________ makes default in the repayment of the aforesaid loan and interest or remove the machinery to be mortgaged with the Government By Shri/Messrs.________________ before clearing all Government dues.
5. That the statement made in paragraphs 1 to 3 is true to my knowledge and belief and that made in paragraph 4 is based on the information received from Shri/Messrs._________________ which I believe to be true and nothing has been concealed therein.
| Serial No. | Description of the property | Value |
2.
__________________, son of______________, son of_______________.3.
__________________, son of______________, son of________________.son of__________________ residing at____________________________, and himself/themselves (Constituting the sole or only proprietor of the_______________________ being all the partners)And Carrying on Business at___________________ in the name and style of____________________himself/themselves, Its/his/their hereinafter__________________ Legal representative assigns, jointly and severally referred to as the mortgagor) of the first part. Secondly,1.
_______________, son of_______________, son of________________.2.
________________, son of_______________, son of________________.3.
________________, son of_______________, son of________________.(hereinafter Himself/themselves, His/their heirs, legal representatives, and assings, hereinafter referred to as the surety/sureties) of the second part.And Thirdly, the Governor of Haryana, through the Director of Industries (hereinafter referred to as Government) of the third part :-Whereas by a mortgage deed, dated_________________ made between the mortgagor surety/sureties and Government (hereinafter called the principal deed) the mortgagor and surety/sureties conveyed certain property therein and particularly specified in the Schedules I and II to the principal deed, for securing payment to the Government of the principal sum of Rs.__________ with interest thereon at the rate of per cent per annum.And whereas out of the said principal a sum of Rs.___________ together with interest still remains owing to the government on the security of the principal deed;And whereas the mortgagor and surety/sureties have assured Government that they are the sole owners of the aforesaid property and that except the mortgage made in the principal deed subject to which this mortgage is made, the said property is not mortgaged, charged or otherwise encumbered in any way whatsoever.And whereas the mortgagor has applied under Section 17 of the Punjab State aid to Industries Act, 1935, to the Director of Industries, Haryana, for a further loan of Rs.___________ for the purpose of_______________.And whereas the Director of Industries, Haryana, with the previous sanction of the Government of the State of Haryana, has agreed to grant the said loan to the mortgagor, subject to the conditions hereinafter appearing :-Now This Indenture Witnesseth That :-1. In pursuance of the said agreement and for the purpose of in part securing the said sum of Rs.____________(receipt whereof the mortgagor hereby acknowledges) the mortgagor hereby convenants with Government to repay to Government the said sum of Rs.___________ with interest thereon at the rate of Rs.___________ per cent per annum, [with a rebate of 4 per cent per annum if the repayment of the principal and the payment of interest are made on due dates and the loan is being utilised and the condition on which it was granted are being or have been duly fulfilled.] [Added by Haryana Notification No. GSR 20/PA5/35 Section 46/Amd(1)/77 dated 28.1.1977.] computed from_____________ in the following instalments :-
First instalment of the sum of Rs.____________ representing the interest on the loan at the said rate for a period of one year recommencing from ____________ to ______________ shall be payable on the ____________ day of _____________.Second instalment of Rs.____________ out of the principal amount shall be payable on the____________ day of____________.Third instalment of Rs.__________ out of the principal amount shall be payable on the____________ day of____________.Fourth instalment of Rs._____________ out of the principal amount shall be payable on the_____________ day of_____________.Fifth instalment of Rs.___________ out of the principal amount shall be payable on the___________ day of____________.Sixth instalment of Rs.___________ out of the principal amount shall be payable on the___________ day of___________.Seventh instalment of Rs._________ out of the principal amount shall be payable on the__________ day of___________.Ant the mortgagor shall with each of the second to seventh instalments pay interest at the rate aforesaid accrued on the entire amount of loan remaining due immediately before such payment :Provided that the Director of Industries, may for sufficient reasons, postpone of payment of interest on the due date for a period of one year at a time. If the payment of interest is so postponed the amount of interest so postponed shall be considered added to the principal amount then remaining due and shall be payable by the________________ to government with interest at the rate aforesaid and the amount of each instalment of the principal then remaining due shall be increased by the amount equal to the amount of interest so postponed divided by the number of instalments as have not become due at that time :Provided further that the Director of industries, may at the written request of the mortgagor and in his sole discretion when the amount is below Rs. 5,000 and with previous sanction of Government when the loan is Rs. 5,000 or above, extend the due date of payment of one or more instalments provided that the total period of repayment of the loan with interest does not exceed ten years from the date of disbursement of the loan amount.2. It shall be lawful for the mortgagor at any time to repay the whole or any portion of the said loans in excess of the instalments referred to above or prior to the due date.
3. The said loan is made under and shall remain in any case subject to the provisions of the Punjab State Aid to Industries Act, 1935, and the rules made or to be made thereunder.
4. The mortgagor shall not, except with the approval of the Director, of Industries, Haryana, previously obtained, withdraw from the Industrial concern for the purpose of which the said loan is hereby granted any profits or declare or distribute dividends in excess of such percentage rate upon the amount of the capital of the Industrial concern as may be determined by the Director of Industries, Haryana, in each case, so long as any part of the loan or the State aid remains unpaid or this deed remains in force.
5. The amount of loan shall be utilised by the mortgagor in the following manner within [six months] [Substituted by Haryana GSR 102/PA 5/35/Section 46/Amd/80 dated 26/9/1980.] from the date of disbursement or such extended period, as may be allowed by the Director of Industries, Haryana, or any Officer authorised by him from time in this behalf :-
6. If the mortgagor makes default in compliance with any of the terms or conditions of this deed or the principal deed or in the repayment of the loan hereby granted and the moneys hereby secured or any part thereof together with any interest that may be due thereon on the date or dates on which such moneys and such interest shall be payable, the entire amount of the loan outstanding against him shall become immediately payable and from the date do default Government shall be entitled to charge interest [at the rate of rupees....... per cent per annum] [Substituted for 'at an enhanced rate of 7-½ per cent per annum' by Haryana Notification No. GSR 20/PA5/35 Section 46/Amd(1)/77 dated 28.1.1977.] and without prejudice to other rights and remedies of Government, the Director, of Industries, Haryana, may himself issue a notice under Section 23 of the said Act and the money duly specified therein shall become immediately payable as if a money decree therefore had been passed by a civil court in the exercise of it s ordinary original jurisdiction.
7. The mortgagor and surety/sureties as beneficial owners both hereby :-
8. And in further pursuance of the agreement and covenants referred to above, the mortgagor and/surety/sureties hereby agree to insure against fire upto the full amount of the loan secured by this deed and the principal deed, the entire factory building, machinery and stock in mortgagor,s Industrial concern and the properties, comprised in Schedules I and II annexed to the principal deed and if government so desires all other properly hereby mortgaged and that the policy of insurance shall be taken out in the joint name of the mortgagor and surety/sureties and the Government and that it shall be deposited with the Director of Industries, Haryana/District Industries Officer. The mortgagor shall pay all premiums, and at his own cost renew the policy every year during the currency of the loan, failing which Government may pay the same and such premiums when paid by Government shall form part of the loan secured with interest under this mortgage.
9. The mortgagor shall be required to put up engraved metal plates of the prescribed size containing the word pledged to "Government" at his own cost on every machine and shall be liable to pay on liquidated damages a sum not exceeding Rs. 500 if he wilfully removes or defaces the plates.
10. It is further agreed by mortgagor and surety/sureties that not withstanding anything herein before contained, Government or the Director of Industries, Haryana, may by the appointment of its own Director or otherwise exercise such control over the conduct of the industry to which State aid has been gibe, as shall suffice in their or his opinion to safeguard the interest of government, in such industrial concern and that the mortgagor shall forthwith comply with all recommendations made by the Director of Industries or the Director so appointed.
11. It is further agreed that any plant or machinery purchased by the mortgagor with the loan and mortgaged hereby whether specified in the deed as security or not shall, until the amount due under this deed and the principal deed are repaid in full, remain hypothecated to the Government as collateral Security and any transfer thereof, assignment of any rights, title or interest therein or the creation of any mortgage, encumbrance or any other charge thereon by the mortgagor, shall be void against Government unless it has been made or created with previous written consent of the authority sanctioning the loan.
12. And this Indenture further witnesseth that in further pursuance of the said agreement and as security for the said sum of Rs._________ and the interest thereon the surety/sureties as beneficial owner, both hereby grant convey and assign unto the Government, all and several of the properties referred to in the said Schedule II to the principal deed to have and to Hold the same unto and to the use of Government, its successors and assigns forever, subject to the provision for redemption hereinafter contained and the surety, doth further covenant that if the mortgagor shall make default in the payment of the loan hereby granted and the moneys hereby secured or any part thereof or of any interest thereon on the date of dates on which the same shall be or become payable, then the whole of the said loan and interest whether added to the principal and its being interest or not or such part as may then or thereafter be due and unpaid, shall become due and payable by the sureties jointly and severally and Government shall be at liberty to recover the same from the surety or from the property hereby mortgaged by the sale thereof or by a notice under the Punjab State Aid to Industries Act, 1935, as Government may thing fit whether Government have pursued all or any of its remedies against the mortgagor or his property hereby mortgaged or not.
13. It is further agreed that until the entire amount is repaid with interest the mortgagor will undertake free training of apprentices selected by the Director of Industries, Haryana, not three in number, at any one time, in the work carried on by the mortgagor and that non-fulfilment of the condition shall be deemed a default in compliance with this deed.
14. It is further agreed that the stamp on this instrument shall be borne by the mortgagor and the same shall be presented for registration by the mortgagor and registered at his own cost.
15. Government shall be entitled to enforce this mortgage subject to its rights under the principal deed dated___________ without suing on the basis of the said principal deed.
In witness whereof the parties have hereunto set their hands on the dates, respectively, mentioned against their signatures in the Twenty-second year of the Republic India.1. 1. Signature
2. Occupation
3. Address
2. 1. Signature
2. Occupation
3. Address
N.B. - The Director of Industries, Haryana, should be satisfied from a partnership deed or otherwise that the executant has full power as such to bind the firm and attention is called to Section 58(d) of o the Indian Partnership Act, 1932, failing which special power of attorney should be demanded from absent partners in favour of the persons signing, which should be retained with Government's copy of the mortgage.1. In the presence of :-
| 1. | |- | 2. | Signed by surety and sureties. |
| 1. | Signed on behalf of the governor of Haryana. |
| 2. | Deputy/Assistant Director of Industries |
| Secretary to Government | Haryana |
1970.
-711971.
-72and so on(it must be accompanied by receipted treasury challans and certificate from concerned Assessing Authority in form 'V').| Under the Punjab General Sales Tax Act | 1948 |
| 1970-71 | |
| 1971-72 and so on. |
1. Name and address of the unit.
2. Sales tax Registration Number -
3. Amount of tax paid by the
| Unit | 1970-71 | 1972-73 |