National Bank for Agriculture and Rural Development Act,1981

Act No : 61

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Section : Power to call for repayment before agreed period.

34. Power to call for repayment before agreed period.- Notwithstanding anything to the contrary contained in any agreement, the National Bank may, by notice in writing, require any borrowing institution to which it has granted any loan or advance to discharge forthwith in full its liabilities to the National Bank-- (a) if it appears to the Board that false or misleading information in any material particular was given in the application for the loan or advance; or (b) if the borrowing institution has failed to comply with any of the terms of its contract with the National Bank in the matter of the loan or advance; or 330 (c) if there is a reasonable apprehension that the borrowing institution is unable to pay its debts or that proceedings for liquidation may be commenced in respect thereof; or (d) if for any reason, it is necessary so to do to protect the interests of the National Bank.

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