The Bombay Non-Agriculturists' Loans Act, 1928
Bombay Act No. 3 of 1928
LEGISLATIVE HISTORY 6
(a) from the borrower - as if they were arrears of land revenue due by him;
(b) from his surety (if any) - as if they were arrears of land revenue due by him;
(c) out of the assets left by a deceased borrower or surety or out of the property comprised in the collateral security (if any) - according to the procedure for the realization of land revenue by the sale of a defaulter's moveable or immoveable property other than the land on which that revenue is due;
(d) if the loan is for the benefit of a house, out of such house, - as if it were arrears of land revenue due in respect of the land on which the house stands.[Explanation. - In this section "Collector" includes a Deputy Commissioner.] [6. Power to make rules. - (1) The [ [State] Government] may, from time to time, by notification in the [Official Gazette], make rules to carry out the purpose of this Act. (2) In particular and without prejudice to the generality of the foregoing power such rule may be made for the following matters, namely:-
(a) the manner of making applications for loans;
(b) the officers by whom loans may be granted;
(c) the nature of the security, if any, to be taken for the due application and repayment of the money, the rate of interest at which the conditions under which the loans may be granted and the manner and term of granting loans; and
(d) the instalments by which and the mode in which loans shall be repaid.]7. [Repeals and Savings.] - Omitted by the Maharashtra Adaptation of Laws (State and Concurrent Subjects) Order, 1960.
NotificationsG. N., R. & F. D., No. TAG. 1573/72265-S, dated 5th November, 1973 (M. G., Part IV-B, page 8) - In exercise of the powers conferred by section 6(a) and (d) of the Bombay Non-Agriculturists' Loans Act, 1928, Government is pleased to direct that loans granted under rule 4(c) of the Bombay Non-Agriculturists' Loans Rules, 1958 for relief of distress should bear interest of 7 per cent per annum with effect from 1st April 1974.