(a) to any agreement, relating to a loan, advance or grant given, or relating to credit m respect of, or relating to hire-purchase of goods sold by the State Government, a banking company, a Corporation or a Government, company, as the case may be, under a State sponsored scheme, or
(b) to any agreement relating to a guarantee given by the State Government, a banking company, a Corporation or a Government company in respect of a loan raised by an Industrial Concern; or
(c) to any agreement providing that any money payable thereunder to the State Government shall be recoverables as an arrear of land revenue; and such person-
(i) makes any default in repayment of the loan or advance or any instalment thereof; or
(ii) having become liable under the conditions of the grant to refund the grant or any portion thereof, makes any default in the refund of such grant or any portion thereof; or
(iii) otherwise fails to comply with the terms of the agreement;
then in the case of the State Government, such officer as may be authorised in that behalf by the State Government by notification, and in the case of a banking company, a Corporation or a Government Company, the Managing Director thereof, by whatever name called, may send a certificate to the Collector mentioning the sum due from such person and requesting that such sum together with costs of the proceedings be recovered as if it were an arrear of land revenue.
(a) in every case of a pledge of goods, proceedings shall first be taken for the sale of goods so pledged and if the proceeds of such sale are less than the sum due, then proceeding shall be taken for recovery of the balance:
(b) in every case of a mortgage, charge or other encumbrance on immovable property, such property or as the case may be, the interest therein of the person referred to in sub-section (1) shall first be sold in proceedings for recovery of the sum due from that person and any other proceedings may be taken only if the Collector certifies that there is no prospect of realisation of the sum due through the first mentioned process within a reasonable time.
Section 3 • The Punjab Public Moneys (Recovery of Dues) Act, 1983
3. Recovery of certain dues as arrear of land revenue.
punjab-public-moneys-recovery-of-dues-act-1983-sec-3.json
•
Section 3
{
"act_title": "The Punjab Public Moneys (Recovery of Dues) Act, 1983",
"act_slug": "punjab-public-moneys-recovery-of-dues-act-1983",
"section_label": "Section",
"section": {
"number": "3",
"title": "3. Recovery of certain dues as arrear of land revenue.",
"chapter": null,
"content": "(a) to any agreement, relating to a loan, advance or grant given, or relating to credit m respect of, or relating to hire-purchase of goods sold by the State Government, a banking company, a Corporation or a Government, company, as the case may be, under a State sponsored scheme, or\n(b) to any agreement relating to a guarantee given by the State Government, a banking company, a Corporation or a Government company in respect of a loan raised by an Industrial Concern; or\n(c) to any agreement providing that any money payable thereunder to the State Government shall be recoverables as an arrear of land revenue; and such person-\n(i) makes any default in repayment of the loan or advance or any instalment thereof; or\n(ii) having become liable under the conditions of the grant to refund the grant or any portion thereof, makes any default in the refund of such grant or any portion thereof; or\n(iii) otherwise fails to comply with the terms of the agreement;\nthen in the case of the State Government, such officer as may be authorised in that behalf by the State Government by notification, and in the case of a banking company, a Corporation or a Government Company, the Managing Director thereof, by whatever name called, may send a certificate to the Collector mentioning the sum due from such person and requesting that such sum together with costs of the proceedings be recovered as if it were an arrear of land revenue.\n(a) in every case of a pledge of goods, proceedings shall first be taken for the sale of goods so pledged and if the proceeds of such sale are less than the sum due, then proceeding shall be taken for recovery of the balance:\n(b) in every case of a mortgage, charge or other encumbrance on immovable property, such property or as the case may be, the interest therein of the person referred to in sub-section (1) shall first be sold in proceedings for recovery of the sum due from that person and any other proceedings may be taken only if the Collector certifies that there is no prospect of realisation of the sum due through the first mentioned process within a reasonable time.",
"footnote": "",
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