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The Loans for Agricultural, Commercial and Industrial Purposes Act, 1973.

Country
Type of law
Legislation
Date of original text
Date of latest amendment
Source

Abstract
This Act was enacted to provide credit facilities to individuals engaged in agriculture, commerce, and industry across Pakistan. It overrides conflicting laws. In this Act, the term "land" is defined as land used for agricultural purposes or for purposes subservient to agriculture. Under the Act, landowners may present a pass book, authenticated by a Revenue Officer, as a title deed to secure loans from banks. Any loan granted creates a legal charge on the land, restricting its transfer until repayment. The Act empowers banks to recover unpaid loans as arrears of land revenue and authorizes the Federal or Provincial Governments to make rules to implement its provisions. The text consists of 6 Articles.
Notes
Consolidated version of the Act as of 03 August 2022.
Repealed
No
Source language

English

Legislation Amendment
No