Section 26 in Gauhati University Loans and Advances Rules, 1959
26.
(i)If an officer or teacher drawing an advance for purchasing a motor car fails to purchase the same within one month from the date of drawing the advance, the amount drawn with interest thereon shall be forthwith refunded to the University.(ii)No advance shall be paid unless an agreement is executed agreeing to create a first charge in favour of the University on the car to be purchased.(iii)Immediately on completing the purchase an officer or teacher shall execute a mortgage bond hypotecating the motor car to the University as security for the advance. The cost price of the motor car should be entered in the schedule of specifications attached to the mortgage bond. He shall also effect registration of the motor car in his name under the Motor Vehicles Act, 1939 within endorsement that the car is hypothecated in favour of the University and such registration certificate shall be submitted to the Treasurer :Provided that the deed of hypothecation of motor car, Scooter, Bicycles purchased out of the advance from the University does not require registration, but the deed is to be drawn up on proper stamp paper.
