Section 6. The Government or the authorities empowered to sanction the loan may grant loan to a Small or Cottage Industry on the following terms

{
    "act_title": "The Assam Aid to Industries (Small and Cottage Industries) Act, 1955",
    "act_slug": "assam-aid-to-industries-small-and-cottage-industries-act-1955",
    "section_label": "Section",
    "section": {
        "number": "6",
        "title": "Section 6. The Government or the authorities empowered to sanction the loan may grant loan to a Small or Cottage Industry on the following terms",
        "chapter": null,
        "content": "6. The grant of a loan is to be secured and repaid in the prescribed manner and upon such terms as may be fixed by the order granting it:\r\nProvided that no such loan shall exceed upto a maximum of 75 of the total value of the security as prescribed. Security may include personal security:\r\nProvided also that, notwithstanding anything contained in this Act, and\r\nsubject to such rules as may be prescribed, the Director of Cottage Industries may in cases of loans not exceeding Rs.1,000 issue the loan only on the personal security of the borrower, with or without a surety or sureties.\r\nGovernment or the authority empowered to issue loan may lease machineries and equipments necessary for the purpose of the industry to the applicant on hire purchase system, on execution of the bond in the prescribed form.",
        "footnote": "",
        "is_definition": false,
        "sort_order": 15
    },
    "prev_section": "5",
    "next_section": "7"
}