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The Bangladesh House Building Finance Corporation Order, 1973 (President's Order).

( PRESIDENT'S ORDER NO. 7 OF 1973 )

25. Notwithstanding any agreement to the contrary, the Corporation may by notice require any borrower to whom it has granted any loan or his surety forthwith to repay the loan in full-
 
 
 
 
(a) if the borrower or his surety defaults in payment of loan 1[* * * ];
 
 
 
 
(b) if it is found that the loan was obtained by information supplied by the borrower or his surety which was false or misleading in any material particular; or
 
 
 
 
(c) if the borrower has committed a breach of the terms of his agreement with the Corporation relating to the loan; or
 
 
 
 
(d) if the loan is not being utilised for the purpose for which it was made; or
 
 
 
 
(e) if the house is not constructed or as the case may be, repaired or remodelled within the period allowed in the agreement between the borrower 2[and the] Corporation and the failure is not due to causes beyond the control of the borrower;
 
 
(f) if there is a reason to apprehend that the borrower or his surety will be unable to pay his debts or may go into liquidation;
 
 
 
 
(g) if 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 his surety or if the property has depreciated in value by more than the prescribed 3[percentage] and the borrower is unable to give additional security to the satisfaction of the Corporation; or
 
 
 
 
(h) if without the permission of the Board, the house, land or other mortgaged property as security for the loan is in any way disposed of or charged by the borrower or his surety; or
 
 
 
 
(i) if 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.

  • 1
    The words “for more than 24 monthly instalments” were omitted by section 7 of the Bangladesh House Building Finance Corporation (Amendment) Ordinance, 1976 (Ordinance No. XXXIX of 1976)
  • 2
    The words “and the” were substituted for the words “and he” by section 8 of the Bangladesh House Building Finance Corporation (Amendment) Act, 1975 (Act No. XXVII of 1975)
  • 3
    The word “percentage” was substituted for the word “percnetage” by section 8 of the Bangladesh House Building Finance Corporation (Amendment) Act, 1975 (Act No. XXVII of 1975)
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