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[Cites 0, Cited by 0] [Section 7(1)] [Section 7] [Entire Act]

State of Punjab - Subsection

Section 7(1)(b) in The Punjab State Aid to Industries Rules, 1936

(b)a mortgage on immovable property of the applicant or of his surety or sureties, if any, of a value equal in the opinion of the Director of Industries, to not less than 1½ times the amount of the loan, or the unpaid balance of the price of the machinery, together with the personal security of the applicant; or
(bb)[ A mortgage on machinery installed in a leased or rented building or that installed in a building constructed on a leased land, by the applicant, provided it is an emergency loan and does not exceed 60 per cent of the value of the machinery offered as security subject to a maximum of Rs. 35,000/- and that the said machinery is under the use of the loanee for the development of the industry for which the loan is required] [Clause (bb) added by Punjab Government notification No. G.S.R. 279/P.A.5/35/S.46/Amd.(5)/56, dated 23rd November, 1965.];