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The Bangladesh Small and Cottage Industries Corporation Act, 1957

( ACT NO. XVII OF 1957 )

Power to demand immediate payment of the entire sum
32. (1) Notwithstanding anything in any agreement, if-
(a) it is found that the loan was obtained by information supplied by the borrower which was false or misleading in any material particular; or
(b) the borrower is found to have committed a breach of the terms of his agreement with the Corporation relating to the loan; or
(c) the loan or any part of it is found to have been utilised otherwise than for the purpose for which it was made; or
(d) there is a reasonable apprehension that the borrower will be unable to pay his debts or may go into liquidation; or
(e) the property pledged, mortgaged, hypothecated or assigned to the Corporation as security for the loan is not kept in a proper condition by the borrower or the property has depreciated in value by more than the prescribed percentage and the borrower is unable to give additional security to the satisfaction of the Corporation; or
(f) without the permission of the Board the house, land or other property mortgaged as security for the loan is in any way disposed of or charged by the borrower; or
(g) without the permission of the Board, machinery or other equipment is removed from the premises of the borrower's industrial establishment without being replaced; or
(h) for any other reason, it is necessary in the opinion of the Board to do so in order to protect the interest of the Corporation;
any officer of the Board authorised generally or specially in this behalf by the Board may by notice call upon the borrower to pay up the entire sum then remaining unpaid by the borrower in respect of the loan and the interest payable thereon, or any lesser sum, or require the borrower to comply with such directions as the Board may consider it necessary to give in order to safeguard its interest.
(2) Such notice shall specify the time within which the borrower was required to make the payment or to carry out the directions given, and shall also contain a warning that, if the borrower fails to pay the amount demanded or to carry out the directions given within the time specified, the Board may issue a certificate certifying the borrower to be a defaulter and certifying the sum due from the borrower to be recoverable as arrears of land revenue.

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Ministry of Law, Justice and Parliamentary Affairs