Section 55 in The Punjab State Aid to Industries Rules, 1936
55. Security for repayment, if any.
- On the acceptance of an application for subsidy, the applicant shall execute a bond in the prescribed form undertaking to apply the subsidy to the purpose for which, and to fulfil the conditions on which, the subsidy is granted, offering such machinery, equipment, etc., as may have been purchased with the aid of subsidy, as security. No transfer, assignment or charge made or created after the execution of the bond in relation to the property specified therein or machinery, etc., purchased with the aid of subsidy shall be valid against the State Government unless it has been made or created with the previous consent, in writing, of the authority sanctioning the subsidy.
