Section 28 in Gauhati University Loans and Advances Rules, 1959
28.
Subject to the provision of Section 25 when a motor car is sold before the advance received for its purchase from the University has been fully repaid with interest accrued thereon the sale proceeds must be applied, so far as may be necessary towards the repayment of such outstanding balance ; provided that when the motor car is sold only in order that another motor car may be purchased, the Executive Council may permit an officer or teacher to supply the sale proceeds towards purchase, subject to the following conditions :(a)The cost of the motor car subsequently purchased must not be less than 1-⅓ (one and a third) times the outstanding amount of advance including the interest accrued thereon.(b)The amount outstanding shall continue to be repaid at the rate previously fixed.(c)The motor car must be insured and mortgaged to the University as required by these Rules.
