Section 4, The Development of Industries (Assistance) Rules

(1) Every contract of loan made between the Boardand a borrower under rule 3 shall be subject to the following conditions- (a) that the borrower shall, within such time as the Board may specify, apply the loan to the purpose for.which it was approved; Development of I ndttstries (Assistance) [Cap. 259 (b) that the borrower shall keep such books and render to the Board such statements and accounts as the Board may require and, where the borrower is a company registered 204:1 under the Companies Ordinance, shall render annually to Cap. 249. the Board its trading, profit and loss account and balance sheet in respect of that part of its business for which ·the loan was granted; (c) that the minimum rates of wages and the terms and . conditions of employment of the workers in the under~ taking in respect of which the loan was granted shall not be less favourable than any such rates, terms and conditions fixed or recognised under the Wages Boards Ordinance and Cap. 22o. applicable to such workers; and (d) that the Board may appoint in writing such person or persons as they deem fit to inspect th.e undertaking in respect of which the loan was granted and that the borrower shall permit every person so appointed to enter upon the premises where the undertaking is carried on and to inspect the books, machinery, equipment and labour employed in the undertaking, and to that end shall grant every facility to any person so appointed. (2) There may be attached to any contract of loan such other conditions as the Board may specify, including, where the borrower is a company registered under the Companies Ordinance, the condition that the Board shall have the right Cap. 249. to appoint a representative on the board of directors thereof.