Bombay Non-Agriculturists' Loans Act, 1928

Bombay Non-Agriculturists' Loans Act, 1928

The Bombay Non-Agriculturists' Loans Act, 1928

Bombay Act No. 3 of 1928

mh175

[30th March, 1928]

For Statement of Objects and Reasons, see Bombay Government Gazette 1928 Part, V, Page 7; and for proceedings in Council, see Bombay Legislative Council Debates, 1928, Vol XXII.

LEGISLATIVE HISTORY 6

An Act to provide for the grant of loans by Government to non-agriculturists [for certain purpose] and for the recovery of such loans.

Whereas it is expedient to provide for the grant of loans by Government to non-agriculturists [for certain purpose] and for the recovery of such loans in manner hereinafter appearing;

[* * * * * * *]

It is hereby enacted as follows:

1. Short title. - This Act may be called "The Bombay Non-Agriculturists' Loans Act, 1928".

[2. Extent. - This Act shall extend to the whole of the [State of Maharashtra].]

3. Purpose for which loans may be granted. - Subject to such rules as may be made under section 6, loans may be granted under this Act [the erecting, rebuilding or repairing houses, for building or repairing boats] or for the relief of distress to any person to whom a loan under the [Agriculturists' Loans Act, 1884], cannot be granted.

4. Loans already granted to be deemed to have been granted under Act. - All loans granted after the 1st day of August 1927, to such persons as are referred to in section 3 for the purpose mentioned therein shall be deemed to be loans granted under this Act:

5. Recovery of loans. - [* * *] all loans granted or deemed to have been granted under this Act, together with all interest (if any) chargeable thereon, and costs (if any) incurred in making or recovering the same shall be recoverable at the discretion of the Collector in any one or more of the following modes, namely:-

(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.

Notifications

G. 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.


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