51Loans for establishment in business or civil occupation

51 Loans for establishment in business or civil occupation

(1) Subject to this Part, a prescribed authority may, if, in the opinion of the prescribed authority, an eligible person is in need of financial assistance to enable him to establish or re‑establish himself satisfactorily in civil life, make a loan to that person so that that person may:

(a) purchase or take on lease any land or premises, purchase or take on lease any business, effect improvements on land, or purchase, take on hire or otherwise acquire tools of trade, stock, live‑stock, plant or equipment, to enable him:

(i) to engage in or resume any occupation, business or practice, whether on his own account, as an active member of a partnership, as a share‑farmer or as a contract worker;

(ii) to expand or develop his business or practice;

(iii) to establish a co‑operative business with other persons; or

(iv) to carry on an occupation, business or practice more efficiently;

(b) reduce or discharge any mortgage, charge, bill of sale or other encumbrance on property owned by him and used in his occupation, business or practice;

(c) fulfil his obligations under a hire purchase agreement in respect of property so used;

(d) pay any subscription, fee or other sum of money to enable or qualify him to engage in or resume any occupation, business or practice; or

(e) otherwise establish or re‑establish himself in civil life by engaging in or resuming an occupation, business or practice, whether on his own account, as an active member of a partnership, as a share‑farmer or as a contract worker.

(2) Subject to this Part, a prescribed authority may guarantee the repayment of any loan (including interest on the loan) made or to be made for any of the purposes specified in paragraphs (a), (b), (c), (d) and (e) of the last preceding subsection. (3) A prescribed authority may, instead of making a loan of money under subsection (1) of this section, make available property to an eligible person referred to in that subsection, and the amount of the value of the property so made available shall be deemed to be a loan of that amount made to that person.