State Act

The Himachal Pradesh Antyodaya Corporation Act, 1979

19. Guarantee and Bad Debts Fund.- The Guarantee and Bad Debts Fund shall consist of- (i) the funds placed at the disposal of the Corporation by the State Government as grant for this purpose; (ii) ten per cent of its own profits; (iii) the interest accrued, from time to time, on this Fund; (iv) such money as may be contributed to this fund specifically by any agency, organisation and by the Corporation itself, as may be decided by the Board: Provided that nothing herein shall be deemed to debar the State Government, the Central Government or any other organisation or agency from giving such amounts by way of grant or donation for being credited to this Fund. (2) This Fund shall be used in connection with furnishing of guarantees in respect of loans taken by the members of antyodaya families or organisations and to meet irrecoverable debts of the Corporation in such manner as may be prescribed.