Section 3 in The Assam Aid to Industries (Small and Cottage Industries) Act, 1955
3. Grant of Loan.
(1)The Director of Industries or any officer authorised in this behalf by the Government may sanction loan not exceeding such limit and on such terms and conditions as may be prescribed and any loan beyond the competence of the aforesaid officers shall be sanctioned by the Government. Loans upto Rs. 25,000/- in case of handicapped persons and upto Rs. 30,000/- in case of artisans may be issued by the Government.Applications for the loan exceeding Rs. 30,000,00 should ordinarily be passed on to the State Financial Corporation for consideration. In cases, however, where the industrial concern is not found eligible for accommodation from the corporation the Government may consider such application upto a limit of Rs. 50,000.00.(2)Loan may be granted for all or any of the following purposes, viz-(i)For the purchase of a cottage industrial undertaking;(ii)For the erection of additional machinery or for replacing old machinery of a cottage industry;(iii)for the development of a new or has sent college industry and;(iv)For presiding the working capital such as the cost of new material, any of operating staff etc. of cottage industry for a specified time.(3)In case of cottage Industries owned by a Company or in co-operative society the State Government may assist in development of such industries by participation in the share capital or by purchasing debentures issued by such company.
