Section 26
Amount due to the Corporation to be first charge.
The Faridabad Development Corporation Act, 1956
About this Act
An Act to provide for the establishment and regulation of a trading Corporation for the purpose of carrying on and promoting trade and industry in the town of Faridabad, assisting in the rehabilitation of displaced persons settled therein and for matters connected therewith.
(1) Notwithstanding anything contained in
any other law, where a loan has been advanced to any person for the construction of a building or where a
building has been transferred to any person, the amount due to the Corporation on account of the loan or
transfer together with interest thereon shall be a first charge on the building so constructed or transferred.
(2) The Corporation may also take such further security as it may consider necessary for advancing any loan or for transferring any building.
(2) The Corporation may also take such further security as it may consider necessary for advancing any loan or for transferring any building.