Section 29(1) in The State Financial Corporations Act, 1951
(1)Where any industrial concern, which is under a liability to the Financial Corporation under an agreement, makes any default in repayment of any loan or advance or any instalment thereof [or in meeting its obligations in relation to any guarantee given by the corporation] [ Inserted by Act 77 of 1972, Section 18 (w.e.f. 30.12.1972).] or otherwise fails to comply with the terms of its agreement with the Financial Corporation, the Financial Corporation shall have the [right to take over the management or possession or both of the industrial concern] [ Substituted by Act 77 of 1972, Section 19, for " right to take over the management of the industriasl concern " (w.e.f. 30.12.1972).], as well as the [right to transfer by way of lease or sale] [ Substituted by Act 56 of 1956, Section 14, for " right to sell" (w.e.f. 1.10.1956).] and realise the property pledged, mortgaged, hypothecated or assigned to the Financial Corporation.
