Section 48 in The Orissa Khadi and Village Industries Board Regulations, 1960
48.
An officer or servant who Sells a motor car, or motor cycle before the advance that has been granted to aid for its purchase has been fully repaid, shall immediately after such sale apply the sale proceed, or such portion thereof, as may be necessary, to the payment of the amount of the advance still unpaid; provided that when the car or cycle is sold only in order that another car or cycle may be purchased, the Board may permit an officer or servant to use the proceeds for such purchase subject to the following conditions, namely :(a)the advance outstanding shall not be permitted to exceed the cost of the new car, or cycle;(b)the advance outstanding shall continue to be repaid at the rate previously fixed; and(c)the new car or cycle shall be insured and mortgaged to the Board in the manner prescribed in Regulation 49.
