Section 15 in The M.P. State Aid to Industries Rules, 1959
15.
(1)The recipient of any State Aid shall maintain or cause to be maintained in good and substantial repair the premises, buildings, machinery, plant and all other properties mortgaged to the State Government as security for the State Aid and the plant, machinery and other properties, movable or immovable purchased out of the State Aid. He shall unless exempted by the authority sanctioning the said aid, insure the mortgaged property against loss or damage by fire and shall duly and punctually pay the premia payable in respect thereof as and when they become due and payable. In the event of failure to carry out any repairs or renewal of the insurance or to pay the premium when due, the Director of Industries or any officer duly authorised by him in this behalf may himself do so or cause this to be done and incur the expenditure necessary therefore. The expenditure so incurred shall be recovered in accordance with the provision of sub-section (1) of Section 27.(2)It shall be open to the Director or the authority sanctioning the State Aid, to insist on the recipients of any Aid, effecting the insurance before the actual grant of the State Aid.(3)The recipient of the State Aid shall obtain prior approval of the Director or the authority sanctioning the loan with regard to the Company with which the insurance is to be effected and the amount to be secured by such insurance.
