Section 116 in The Rajasthan Financial Corporation (Staff) Regulations, 1958
116.
In case a Car or other conveyance is sold before the advance taken for its purchase from the Corporation together with interest thereon has been fully repaid, the sale proceed must be applied, so far as may be necessary, towards the repayment of the outstanding balance; provided that when the Car or any other conveyance is sold only in order that another Car or conveyance may be purchased, the authority sanctioning the sale may permit the employee of the Corporation to apply the sale proceeds towards such purchase subject to the following conditions:-(i)the amount outstanding shall not be permitted to exceed the cost of the new Car or other conveyance.(ii)the amount outstanding shall continue to be repaid at the rate previously fixed, and(iii)the new Car or other conveyance is hypothecated to the Corporation as required by these rules.Note. - Unless shown to the satisfaction of the Corporation that the Car, which was previously purchased with an advance from the Corporation is beyond repairs, further advance for the purchase of Motor Car shall not be granted within five years of the drawal of the previous advance except in special circumstances.
