State Act
6
Section 6. Performance Guarantee.
THE KARNATAKA CEILING ON GOVERNMENT GUARANTEES ACT, 1999.
Act no. 11 of 19991982In forceKarnataka (State Act)
6. Performance Guarantee.- (1) In the interest of development of infrastructure project the Government may continue to give performance guarantee to all such sectors. (2) The Government shall place before both the Houses of the State Legislature a comprehensive report on the liabilities ( in rupees) that the State may incur in future, if the State fails to meet the contractual obligation stated in the performance guarantee. (3) The report referred to in sub-section (2) shall be placed within six months of the date of giving performance guarantee.