Section 18 in The Pepsu Townships Development Board Act, 1954
18. Powers to call for repayment before agreed period.
- Notwithstanding any agreement to the contrary, the Board may, by notice, require any person to whom a loan has been advanced under this Act to repay forthwith in full with interest thereon any such loan -(a)if it appear to the Board that false or incorrect information in any material particular has been given by the person for obtaining the loan;(b)if the person has failed to comply with any terms of the contract with the Board in respect to the loan; or(c)if in the opinion of the Board there is a reasonable apprehension that the person is unable to pay his debt or that insolvency proceedings or proceedings for liquidation are to be started against him; or(d)if it is necessary in the opinion of the Board for any other reason to protect the interest of the Board.
