The Punjab Distressed Persons (Facilities for Loans) Act, 1958

1958 : Pb. Act XI] DISTRESSED PERSONS (FACILITIES 539 FOR LOANS) THE PUNJAB DISTRESSED PERSONS (FACILITIE! LOANS) ACT, 1958 ; S TOR TABLE OF CONTENTS Sections.— 1. Short title, extent and commencement. Power of Central Government to make rules. Recovery of loans as arrears of land revenue. P O Liability of joint borrowers as among themselves. 1958 > Pb. Act XI} DISTRESSED PERSONS (FACILITIES ~ 541 ' FOR LOANS) THE PUNJAB DISTRESSED PERSONS (FACILI FOR LOANS) ACT, 1955 O (FACILITIES ' Punjab Act No. XI of 1958, [Received the assent of the Governor of Punjab on the 21st April, 1958, and first published in the Punjab Gazette (Extraordinary) of 24th April, 1958). pe ) i y ‘ ' 3 ' y 4 | | | | | - Year * No. Short title Whether repealed or other-" . wise affected by legislation 1958 | XI The Punjab Distressed Persons | Amended by the Punjab Re- (Facilities for Loans) Act, 1958 | organisation (Chandigarh) ‘ 1 (Adaptation of Laws on State | _and Concurrent Subjects) } Order 11968. . AN ACT to provide for extension of loan facilities to distressed persons in certain cases. ' BE it enacled by the Legislature of the State of Punjab in the Ninth Year of the Republic of India as follows:—. 1. (I) This Act may be called the Punjab Distressed snort tite, extent Persons (Facilities for Loans) Act, 1958. b and commencement. (2) It extends to the whole of the 2[Union Territory of Chandigarh]. (3) It shall come into force on such date as the State Government may, by notification in the official Gazette appoint. ’ 1For Statement of Objects and Reasons s¢e Punjab Government Gaeette Extraordinary), 1958, pages 490-91. . " " Ex m‘riub:lli’lyamd for &!wnrds “State of Punjab” by the Punjab Re-organisation (Chandigarh) (Adaptations of Laws on State and Concurrent Subjects) Order, 1968. Power of Central Government to make rules. Recovery of loans as arrears of land revenue. Liability of joint borrowers as among themselves. - "—~“."II 542 DISTRESSED PERSONS (FACILITIES [1 i FOR LAWS) (1958 : pp, Act X 2. The '[Cen_lral Government] or the Commissioner, subject (o the control of (he 1y PdNciy Government] may, from time to time by notif [C."mra] the official Gazette, make rules as to loans and lc(‘:_'."‘)n i n very to be made to persons afflected by distress z}a" feeq, calamities, such as floods, epidemics, famine, earth(l;ls,flk y es, landslides, avalanches, snow-storms, hailstorms, fire 1 drought and locusts. > SeVere 3. Every loan made in accordance with rules under this Act, all interest chargeable thereon, and ‘I:nadg if any, incurred in making or recovering the same Sohsts, when they become due, be recoverable from the pergon i}“ whom the loan was madé or from any person, who hao become surety for the repayment thereof, as if they We'r: arrears of land revenue. 4. When a loan is made under this Acl to (wo or more persons on such terms that all of them are jointly and severaly bound to the ![Central Government] for the payment of the whole amount payable in respect thereof, and a statement showing the portion of that amount which asamong themselves each is bound to contribute, is entered upon the order granting the loan and is signed, marked, or sealed by each of them or his agent duly autho- rised in this behalf and by the officer making the order, that statement shall be conclusive evidence of the portion of that amount which as among themselves each of those persons is bound fo contribute. 1Substituted for the words **State Governmen!’’ by the Punjab Rc;'oigall;ig;'i"“ er, o (Chandigarh) (Adaptation of Laws on State and Concurrent Subjects) Or