Section 43 in The Punjab Scheduled Castes Land Development & Finance Corporation (Staff) Regulations, 1971
43. Employees in debt.
- An employee who is in debt shall furnish to the Executive Director signed statement of his position half yearly on the 31st March, and 30th September and shall indicate in the statement the steps he is taking to rectify his position. An employee who makes a false statement under this regulation or who fails to submit the prescribed statement or appears unable to liquidate his debts within a reasonable time or applies for the protection of an insolvency court shall be liable to dismissal.Explanation I. - For the purpose of this Regulation, an employee shall be deemed to be in debt if his total liabilities exclusive of those which are fully secured by tangible assets exceed his substantive pay for six months.Explanation II. - An employee shall be deemed to be unable to liquidate his debts within a reasonable time if it appears having regard to his personal resources and un-avoidable current expenses that he will not cease to be in debt within a period of two years. Unless the contrary is proved to the satisfaction of the Executive Director, it shall be presumed that an employee cannot provide more than one-quarter of his pay and allowances towards the liquidation of his debts.
