ASSAM ACT N o,l OF 1961 TH E ASSAM CO -OPE RA TIVE LAN D MO RT GA GE BANK AC T, 1960 Re ceive d th e as se nt o f the ublished in the Assam Gazette, Pr es iden t on th e 29 th De ce mbe r 1960 Ex tra ordin ary , dated the 5th Ja nu ary 1961 CONTENTS
1. Sho rt title , exten t and com mencement.
2. Definitions,
3. Appointment of Trus tee and his powers and functions.
4. Tru stee to be Corpo rati on sole.
5. Issue of deb entures by the Board.
6. Charge of debe-nture holders on certa in pro per ties .
7. Guarantee by Sta te Government of prin cipal of, and inte rest or debentu res.
8. Distrain t—when to be made.
9. Dis trn int—how to be effected.
10. Sale o f proper ty dis trai ned ,
11. Po .verof sale when to be exercised.
12. App lica tion for sale and manner of sale.
13. Appl icat ion to set aside sale on deposit and conf irma tion of sale in defaul t or on dismissal of such app lica tion.
14. Dis trib utio n of proceeds of sale.
15. Certificate to purchase r.
16. Delivery of property to purchaser.
17. Appointment of Receive r and his powers.
18. Titl e of purchase r not to be ques tioned on the ground of irre^ gularity, etc.
19. Appointment of Sales Officers.
20. Right of Mortgag e Bank or of the Ce nt ra l' Mortgage Bank to purchase the mortga ged pro perty at sale.
21. Mortgages executed in favou r of Mo rtgage Bank to sta nd ves ted in Cen tral Mort gage Bank.
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22. Powers of the Mortgage Bank where pro perty iV destroyed or securi ty becomes insufficient.
23. Power o f Board or of Trustee to d istrain and sale of pro per ty, etc.
24. Mortgagors’ powers to lease.
25. Mortgage not to be questioned on insolvency of mo rtgagor.
26. Pow er of Mortgag e Bank to receive money and gran t valid d is cha rge no twi ths tandin g assignment of Mortgage deeds to the Central Mortga ge Bank.
27. Prio rity of M ortgag e over certain claims.
28. Rig ht of Mortga ge Bank to pay prio r deb ts of mortgagor.
29. Regis tra tion of documents execute d on behal f of a Mortgage Bank or of the Central Mortga ge Bank.
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30. Proof of documents or entr ies in docume nts,
31. Provisions of th e Act shall app ly to loans ad van ced by Mortgage Banks from funds not borrowed from the Ce ntr al Mor tgage Bank.
32. Service of Notice .
33. Sections 102, 103 and 104 of the Tra nsfer of Property Act, 1882, to app ly to such noti ces under this Act.
34. Officers of M ortgage Banks and the Central Mortgage Bank and sale officers 'not to b id a t sale.
35. Delegation of c ertain powers by Board
36. Powers of the Sta te Gov ernment to make Rules .
37. Powers of the Board to make regulations.
TH E ASSAM CO -O PE RA TIVE LAND MOR TG AG E BANK ACT, 1960 An Act to f ac il it a te th e w ork in g o f th e Co- op er at iv e La ird M or tg ag e B anks in t he S ta te o f A ss am .
Preamble. Whereas it is expedient to facili tate the working o f the Co-operative Land Mortgage Banks in the State of Assam with a view to prov iding for the grant of long-te rm loans to owners of l and or other immov able propert y to enable them to discharge their debts • to carry ou t agr icu ltural improvements and to prom ote thr ift and self-help amo ng the m, in the ma nner hereinafte r ap pe ar ing:
3 It is hereby enac ted in the Eleventh Year of the Republic of India as follows:-— Short title , 1. (l ) This Act m ay be called the Assam Go-opeextent and 1'at ive Lan d Mor tgage Bank Act, I960, commence- (21 It ex tends to the whole of the Sta te of Assam
(3) It shall come into force on such da te as the State Governmen t may, by notif icat ion in the official Gazette, app oin t.
Definitions, 2 . In this Act, unless the re is anything rep ugnant in the subject or c ontex t,—
(a) “ Boa rd” means the Board of Directo rs of the Assam Go-operative Central Land Mortgage Bank Limited.
(bj “ Central Mor tgage Bank” means the Assam Co-operative Cen tral L and Mortgage Bank Limited . •-
(c) “ Mortgage Bank” , means a Co-o pera tive Assam Act Land Mor tgage Bank registered under ttie 1 o f l9 5 0 ’ Assam Co-operative Societies’ Ac t, 1949 and admi tted as a mem ber of the Cen tral Mortgage Bank.
(d) “Comm ittee ” means, in rela tion to Mort gage Bank, the Board o f Directors or Board of Management or the Panch aya t or the Com mit tee of Management or the Gover ning Body to whom the manag ement of its afia irs'i s entrusted.
(e) “ Proscribed” means prescribed by rule made by the Sta te Governme nt under th is Act.
(f j “R egi strar” mea ns a person app oin ted toAssam Act perform the duties of Re gis tra r of Co- !ofl950.
operative Societies under the Assam Co operativ e Societies’ Act of 1949.
(g) “Sale Officer” means the Sale Officer ap pointed under Section 19 of this Act to attach and sell the pro per ty of defaulters or to execute an y decree by att achm ent and sale of property.
(h) “T rus tee” means the Trus tee app oin ted under Section 3 o f this Act.
4 Appointm ent 3. (1) The R egis trar, or where th e Sta te G overnment an d^ hiT a PP° in t a n y o the r person in this beha lf, such officer, power's and be the Trustee for the purpose of securing the functions, fulfilment of th e obligations ot the Central Mor tgage Bank to the holders of debentures issued by the Board.
(2) The powers and functions of the T rustee shall be governed by the provisions of this Act and by tin!
ins trume nt of tru st executed between the Cen tral Mortgage Bank an d the Trus tee as modified from time to time by mu tua l agreem ent between the Board and the Trustee .
4. Th e Tru stee appo inte d under Section 3 shall be a Ve^Corpo- Corpo rat ion Sole by the nam e of the Trustee for the rat ion Sole, deb entures and as such shall have perpetual succession an d a common seal and in his Cor porate name shall sue an d be sued.
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5. (1) With the previous sanction of the Trusteef b entiues 'byth*5 Board may , from time to time, issue debentures o th e Board. one or more denominations for such periods as it may * deem expedient , on the security of the mortgages and oth er assets t rans ferred or deemed to have been tians - fer red under Section 21 by the Mortgage Banks to the Ce ntr al Mortgage Bank and othe r proper ties of Ce ntra l Mo rtga ge Bank.
(2) Such debentures may contain a term fixing a per iod not exceeding ten years from the date of issue du rin g which they shall be irred eemable or reserving to the Board the right to call in at any time any of the deb entu res in advance of the date fixed for redemption aft er giving t o the deben ture holder concerned not less than three months’ notice in writing.
(31 The tota l amo unt due on the debentures issued by the Board and outs tanding at any time shal not exceed the aggregate of (a) the amounts due on the mortgage and the value of the other assets tran s ferred or deemed to have been transferred under Section 21 by the Moitgage Barks to the Centra l Mo rt gage Bank and subsisting a t such time; and (b) the amounts paid unde r the mortgages aforesaid and rem ain ing in the hands of the Board or of the Trustee at tha t time.
6. The holders of the debentures have a floating charge on—
(a) all such mortgages and assets as are referred to in clause (a) of sub-section (3) of Section 5j
(b) the amount paid under such mortgages and remaining in the hands of the Board or of the Trustee; and
(c) the othe r proper ties of the Central Mor t gage Bank.
Charge of Debenture Holders on cer tain p ro perties.
5 Gaurantee 7. (1) Th e pri nc ipa l of and inte rest on , the Government d e b e n t u r e ? issued under Section 5, shall in respect of of princ ipal s u c h maxim um emount as may be fixed by State of, and in- Governm ent and subject to such cond ition as it may terest on, think fit to impose, car ry the gua ran tee of the S tate debentures. Governm ent.
(2) The State Gov ernment iyay subjec t to any law of th e legisla ture of the Sta te increase the max i mum amount of any guaia nte e given under sub-s ec tion (1).
(3) The Sta te Gov ernment may, after consult ing the Board an d the Tru stee :— (а) by notification in the official Gazette; and (б) by notice of not less tha n fourteen days in such of the prin cipal news papers in the Sta te and of oth er States in Ind ia as the State Governme nt may select in this behalf;
discontinue any suaran tee given by it or restric t the maximum amoun t th er eo f'o r modify the conditio ns, subjec t to which it is given with effect from a specified date, not bein g earlier than six months from the date of pub lica tion of the notificat ion in the official Gaz et te :
Provided that the withdraw al, restric tion or modi fication of any guara nte e shall not in any way affect the gua ran tee car ried by any debentu re issued prior to the date on which such withdrawa l, restr iction or modif ication takes effect.
(4) Every notif icati on and notice referred to in sub-section (3) shall where the max imum amount of gua ran tee is to be rest ricte d or the conditions subject to which the guara nte e is given are to be modified, set foi th precisely the scope and effect of (he restr ictio n or modif ication , as the case may be.
whwuobe 8.(1 ) a n Y instalment payable under mortgage made: executed in favour of a Mor tgage Bank o r any par t of such insta lment has remained unpaid for more tha n one mon th from the date on which it fell due, the Committee ma y in add ition to any other remedy ava ilab le to the said Moitgage Bank, app ly to the Reg istra r or to such person as the State Governm ent may appo int in this beh alf for the recovery o f such inst alm ent or pa rt by dis trai nt and sale of the pro duce of the mor tgag ed land including the standing crops thereon .
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(2) On receipt of such app lica tion the Regis trar or the person as the State Government may appoint Act IV of in this beh alf may , frotwith stan fiug any thin g con- 1882.
tained in the Transfe r of Prooerty Act, 1882 , take action in the man ner as prescr ibed for the purpose ot dist rain ing and selling such produce :
Prov ided that no dis trai nt shall be mad e after the expiry of twelve mon ths from the da te which the insta lmen t fell due.
(3) Th e value of the proper ty dist rain ed shal l be • as nearly as possible , equal to the amoun t due and the expenses of the dis tra int and the cost of the sale.
S'be ^fflc t^ 9' (I ) Before or at the time when a dis tra int is e(j. made und r Section 8, the dist rainer shall serve or cause to be served upon the defaulter a wri tten dr rmnd specifying the amoun t for w hich the d istr ain t is made.
(2) 'The dem and shall be doted and signed by the dis trai ner and shall be served upon the defa ulte r by delivering a copy to him or in his absence to some adult mem ber of his faintly at hi- usu 1 place of abode or to his auth orised agen t or when such service can not be effected, by affixing a copy of the dem and on some conspicuous p. rt o f bis abode and of his land .
ale ofpro- 10. (1) If, with in 15 da \s from the date of service t ? / * S" dema id r tf rred to in Section 9, the defa ulte r does ram e . n Q t p a y a m o u l l t po r w t, ic h dis trai nt was effected, the dist rainer may sell, in auc tion , the dist rain ed prop erty or such pa rt thereof, as may in his opin ion be necessary to satisfy the dem and together with the expenses of the dis tra int and the cost o f the sale.
(2) Fro m the proceeds of such sale, a deduction shall be made at a rat e not exceeding 6 naye paise in the iup ee on accoun t of the cost of the saie
(3) From the bala nce shall be deducte d the expe n ses incurre d by the dist rainer on account of the dist rain t.
(4) Th e rem ainder , shall he app lied to the dis charge of the amount for which the dis tra int was made.
, (5) The surplus, if any shall be delivere d to the person whose pro pei ty has been sold and he rhal l te given a receip t for the amoun t discharged from the proceeds of the sale.
7 Power o f sale 11. (1) Notwith stan ding any thin g con tained in th eA c t IV Krercised 'Transfer of Property Act, 188 !, where a power of 18 2 sale withou t the inte rven tion of the court is expressly conferred on the Mortgage Bank by the mortgage deed, the Committee of such ban k or any person authorised by such Com-mittee in this behalf shall, in ca se of defalt of paymen t of the mortgage money or any part thereof, have power in add ition to any other remedy ava ilab le to the bank ro brin g the mortgaged property to sale without the intervent ion of t he court
(2) No such power shall be exercised unless an d unti l—
(a) the Board has previously an llorised the exercise of the power conferred by sub section (1) afte r hea ring the objection s, if any of ihe mortga gor :
(bl notice in writ ing requ iring pay ment of such mortgage money or pa rt has been served upo n—
(i) the mor tgagor :
(iii any person who has any inte rest in or charge upo n the proper ty mortgaged or in or upon the righ t to redeem the same ;
(iiij any surety for the paym ent of the mortgaged deb t or any p art thereof :
(iv) any creditor of the mor tgagor who has in a suit for the adm inis irat ion of his esta te obtain ed a decree for sale of the mortga ged property ; and
(c) default has been made in paymen t of such mortgage money or -part the reo f for thre e months afte r such service.
Applica tion 12. (1 ) In exercise of the power of sale confe rred for sale a nd by Section H a n d in confermi ty w ith the provisions manner of thereof, the Com mit tee of a Mor tgage Bank or any sa le person duly authorised by such Com mitt ee may apply to the Sale Officer app oin ted in th at behal under Section 19 to sell the mortgaged property or any pa rt thereof and such officer shall afte rgiving n otice of 30 days in writing to all the persons referred to in Section 11, sell pro perty in the man ner prescribed,
(2) The sale shall be by public auc tion and shall be held in the ,village where the m ortgaged pro per ty is situa ted or at the nearest place of public resort if the Sale Officer is of opinion that the pro perty is jikely to sell to bette r adv antag e there.
of 8 Application 13. (1) When a mortgaged proper ty has been to set aside s o pj u n ( j e r the provis ions of th is Act, the mortga gor posdt^1 a n d o r a n y person havin g a right or interest therein conf irmation affected by the sa le m ay, at any time , within thir ty of sale in days from the da te of sale , a pply to the Committee defa ult Or.'o f the Mortga ge Bank conce ited to have the sale ° n of su ch Sap -s e t a s id e o n his depositing at the office of such plication Ba nk .
(a) for pay ment to the Mortgage Bank, thea mou n specified in the pro clama tion of sale toge ther with subseque nt intee rest and the costs, if any incu rred by the bank in bringing the pro per ty to sale ; and
(b) for pay meut to the purchaser , sum equal to uch per cen t of the purchase money as p res cr ibe d;
(2̂ > If such deposit is made, the Com mit tee shall make an ord er sett ing aside the sale.
(3) Where no app lica tion is made under sub section (1) or where such app lica tion is made an d disallowed, the Com mit tee shall ap ply to the Regis trar or to the person appointed by the Sta te in this behalf to make an order ^confi rming the sale and on such officer’s confirming the sale, it shal l becom e absolute.
Di str ibu tio n 14 . (1) Th e proceeds of every sale un de r the °f fie0C ee d* Pr o v *si° n s Sections 11, 12, 13 of this Act shall be app lied by the Sale Officer, first in pay ment of all costs, charges and expenses actual ly incurr ed by him as i ncid ent to the sale or any proposed sale ;
secondly, in paym ent of a ll interest due on accoun t of the mortgage in consequence whereof the mortgaged proper ty was sold ; thi rdly , in paymen t of the princi pal m oney due on accou nt of the mortgage ;
and lastly, in paym ent of th e residue, if any, with the app roval of the Regis tra r or the officer app oin ted by the Sta te Gov ernment in this beha lf to the person inte rest ed in the pro perty sold or if there are more such persons than one then to such persons according to the ir respective interest s upon their jo in t receipt.
(2) Any person dissatisfied with the decision of th e Sale Officer in regard to the distr ibut ion of the residue under sub-sect ion (I) may, wi thin thi rty days of the com mun icat ion to him of such decision, ins titu te a suit to establ ish the right amoun t of inte rest he claims in a Civil Court within whose jur isd ict ion the pro perty sold is situa ted.
(3) The Sale Officer shall not dist ribu te the residue under sub-section (1) unt il thir ty days have elapsed from the communicat ion of his decision to all the persons concerned or if a suit has been ins titu ted 9 within the said period of th irty days b y any such person until the suit is disposed of or o therwise terminated and on such disposal or terminat ion , the residue shall be distr ibuted in acco rdan ce with the decision of the court .
Explanation :—In this sub-section “ Co ur t” means the Civil Court w hich would have j ur isdi cion to enter tai n a suit to enforce the mortgage and with in the limits of whose juri sdic tion the prop erty sold is sit uate d.
Certificate 15. Where a sale of mortgaged pro per ty has become to pi>rchaser.a k30iu t e , t he g a ]e Qfg c e r shall gran t a certif icate specifying the pro perty sold and the name of the person who, at the time of the sale, is decla red to be the purchase r. Such certif icate shall bear da te and the day on which the sale becam e absolute.
property to (1) Where the m ortgaged pro per ty sold is in the purchaser, actual possession o f the mortga gor or of some person on his beh alf or of some person claiming under a title other than a lease for a period not exceeding three years crea ted by the mortga gor subsequ ent to the mortgage in favou r of the Mor tgage Bank and a certi ficate in respec t the reo f has been gran ted under Section 15, th e court shall on the app lication of the purchaser, order d elive ry of th e property to be made by put ting such purcha ser or his agent specia lly ap pointed in wri ting for the pur pose in possession of th e property.
(2) Where the pro per ty sold is in the occupa tion of a tenant or other person ent itle d to occupy the same and a certif icate in respect the re of has been granted under Section 15, the cou rt shall, on the app lication of the purchaser , and after notice to such ten an t or other person, ord er delivery to be made to the purchase r by affixing a copy of the certificate of sale in some conspicuous place on the proper ty and proclaiming to the occupant a nd the public by beat of dru m or other customary mode at some conven ient place that the interest of the mor tgag or has been transfer red to the purchaser.
(3) In regard to the cases dealt within sub sections (1) and (2), the provisions of rules 97 to 103 of Order XX I of the first schedule to the Code of Civil Proc edure, 1908 shall , mutatis mutandis and so far as may be, apply .
Explanation:—-In this Section “C ou rt” shall have the same mean ing as in Section 14.
io Ap point me nt oi Rece ivei an d hi s pow er s
17. (1) Th e Board may on the a ppl icat ion of a Mortgage Bank and under circumstances in which the pow er of sale conferred by Section 11 may be exercised, appoint in writin g, a Rec eiver of the produce and income o f the mortgaged pro perty or any pa rt the reo f and such ^Receiver shall be ent itled either to take possession of the pro per ty or colle ct its produc e and incom e, as the case m ay be, to ret ain ou t of any money realised by him, his expenses of m ana geme nt including his rem unera tion, if any, as fixed by the Board, and to apply the balance in accordance with the provisions of sub-section (8) of Section 69-A of Act the Tran sfe r o f Pro per ty Act , 1882. 188
(2) A R eceiv er appointed under sub-section (1) may, for sufficient cause and on app lica tion made by the m ortgagor, be removed by the Board.
(3) A vacancy in the office of the Rec eive r may be filled up by the Bo ard .
(4) Nothing in this Sect ion shall empow er the Board to appoint a Receive r when the mortga ged pro perty is already in the possession of a Receiver appo int ed by a Civil Co ur t.
18. Wh ere any pro per ty is sold in the exercise or notC to Ibe purp ort ed exercise of a power of sale under the proque stio ned vision of this Act, the title of the purch ase r shall no t on th e ques tioned on the gro und t hat— grou nd of irregulari ty , etc. (a) the c ircum stances required for auth oris ing the sale had arise n ; o r (&) due notice of t he sale was not g iven; or
(c) the pow er of sale was otherwise imp roperly or irregula rly exercised ;
Aop o'n tme nt of Sale O fficers.
Rig ht of mnrfoqo'P 'b ut any person who has suffered any d amage by an unautho rised, improper or irre gular exercise of any such power shall have a remedy in damages aga inst the Mortgage Bank. Such proper ty, sha ll vest i n the purchaser free from all encumbrances.
19. The Regis trar shall appoint Sale Officers for the purpo se of conductin g sale under the provisions of this Act.
mu.. 20. (1) No twi ths tanding any thing con tained in B a n k e r of any law for the time being in force, it the Ce ntra l shall be 1 awful for a Mortgage Bank or the Cen tral Mortgage Mortgage Bank t o purchase any mortgaged proper ty e*° s o ^ under this Act and the proper ty so purc hased the mort- shall be disposed of by such Bank by sale within such gaged pro - period as m ay be fixed by the Tru stee. • per ty at sale .
11 L . R ’s L ib ra ry
(2) Nothing in the Assam Fixation of C eilin g on Lan d Holdings Act , 1956 fixing a maxim um limit of agricultural ho lding shall app ly to the acqu isition of 0 1 5 land by a Mortgage Bank or the Central Mor tgage Bank unde r sub-sc cti on (1).
Mortgages 21. The mortgages executed in favour of, and all executed in othe r assets transferred to a Mortgage Bank by the favour of m e m b e r s the reo f shall, wi th effect from the date of Bank 8 to s u c ^ execution or transfer (inc ludin g those mo rt aged stand vested to a Mortgage Bank before comm encement of this in Central Act) be deemed to have been transferee! by such Bank838 6 Mortgage Banks to the Cen tral Mortgage Bank ana shall stand vested in the T rustee.
Mor^a°eth e 22- Where any pro per ty mortgaged to a Mor tgage Bank where h ank is wholly or partia lly destroyed or the security property is is rendered insufficient and the mor tgagor, havin g destroyed or been given a reasonable oppo rtun ity by the Com mitt ee security be- Qf t jl e Mortgage Bank, of providing fur the r security sufficient, enough to ren der the whole security sufficient or repaying such por tion o f the loan as may be deter mined by the Committee, has failed to prov ide such security or to repa y such port ion of the loa n, the whole of the loan shall be deemed to fall due at once and the Com mitt ee shall be ent itled to take action against the mor tgagor under Section 8 o r Section 11 for the recovery thereof.
Explanation.—A security is insufficient within the meaning of this Section unless the value o f the mor t gaged p roperty exceeds t he am ount for the time being due on the mortgage by such pro portio n as may be specified in the bye-laws of th e Mortgage Ba nk.
t’ower of 23 . (1) The Board or the Tru stee may direct the trustee3* to Committee o f a Mor tgage Bank to take act ion against distrain and a defaulte r u nder Section 8, Section 11 or Se ction 22 sale of pro* and if the Committee neglects, or fails to do so, the perty, etc. Board or the Trustee may take such act ion .
(2) Where such action is taken by the Board the provisions of this Act and of any rules ma de in this behalf shall apply in respect thereto as if all references to the Mortgage Bank and to its Com mitt ee in the said provisions were references to the Central Mort gage Bank and the Board respectively .
(3) Where such action is take n by the Trustee , the provisions of this Act and of any rules made the re under shall a pply in respect thereto as i f al! references to Mortgage Bank or to its Committee in the said provisions were references to the Trustee, 12 Mo rtg agors ’ 24. (1) Notwithstand ing anyth ing con tain ed in the Act IV Pe°„' r̂ t0 Tra nsfer of Property Act, 1882, or i n any other law for the time being in force, a mor tgagor shal l no t gran t a lease of the mor tgaged pro per ty for a per iod exceeding thre e years.
(2) Any lease granted in contrave ntion of the pr o visions of sub-section (1) shall be void.
Mo rtgage no t to be que stio ned on insolve n cy of mor t gag or.
25. Notwithstand ing any thing con tained in the Prov incial Insolvency Act of 1920 and in any law rela ting to insolvency, a mor tgag e executed in favo ur of a Mortgage Bank shall not be called in question on the gro und th at it was not executed in good fai th for valuable cons ideration or on the ground th at it was executed in ord er to give the Mortgage Bank a preference over the other cred itors of the mortgago r.
Power o f 26. Notwithstand ing that a mortgage executed in Bank^ to* r e- fa v o u r °f a Mortgage Bank has been tran sferred, or is ceive money deem ed under the provis ion of Section 21 to have an d grant bee n transfer red to the Central Mortgage Bank— val id dis char ges no tw ith sta nd ing ass ignm ent (a) a ll moneys due u nder the mortgage may , in the Deeds°totg the a ^ s e n c e a n Y specific direction to the contrary issued Ce ntr al by the Board or Trustee and communica ted to the Mortgage mortga gor , be paid to the Mortgage Bank and such Bank. pay ment shall be valid as if the mortgage had not been so transferred ; and (A) the Mortgage Bank shal l, in the absence of any specific dire ction to the con tra ry issued by the Board or Tiustee a nd communicated to the Mortgage Bank be enti tled to sue on the mortgage or take any other proceedings for the recovery of the moneys due und er the mortgaged.
Pr io rit y of 27 . A mortgage executed in favour of a Mortgage mo rtg age Bank and Central Mortgage Bank shall hav e prioclaini»e r t a in over any claim of the Governmen t arisingfrom a loan und er the Land Imp rovement Leans Act, 1883, or the A gricu lturist’s Loans Act, 1884 granted after the execu tion of the mortgage.
Right of 28. Where a mortgage is executed in favo ur of Mortgage a a Mortgage Bank fo, pay ment of prior debts of pr io r 'debts t l̂ e mor tgagor, the Bank may , notwithstand ing the of mo rtg agor provisions of Sections 75 and 76 of the Tra nsfer of Pro per ty Act, 1882 by not ice in writ ing, require any person to whom any such debt is due , to receive pay ment of such deb t or pa rt the reo f from the Mor tgage Bank at its regis tered office wi thin such period as may be specified in the not ice.
Act V
1920.
Act 11 Act II Act 1 13
(2) Where any such person fails to receive such notice or such pay ment, such debt or pa rt the reo f as the case may be, shall cease to car ry inte rest from the expiratio n of the per iod specified in the notic e:
Provided th at where there is a dispute as regards the amount of any such deb t the person to whom such deb t is due shall be bound to receive pay ment of the amoun t offered by the Mo rtgage Bank towards the debt, but such rec eip t shall not prejudice the right, if any, of such person, to recover the balance claimed by him
29. (11 Notwithstanding any thin g con tain ed in the SfdocX°nntsI n d i a i? Regis tration Act 1908 it shall no t be neces- A c t 1̂ 1 o f executed on s a r V for any officer of a Mor tgage Bank or of the behalf of a Central Mortgage Bank to app ear in person or by Mortgage agent at any reg istra tion office in any p-oceedings the" Centra l c o n nected with the reg istra tion of any inst rum ent Mortgage executed by him in his official capacity or to sign Bank. as provided in Sect ion 58 of that Act.
(2) Where any inst rum ent is so executed, the registering officer to whom such istr ument is presented for regist ration , may, if he think s fit, refe r to such officer as sta ted in su'o-iec tion (1) for inform ation respecting the same, and on being satisfied of the execution thereof, shall register the ins trument.
Proof of do- 30. Any M ortgage Bank or the Cm tral Mortgage cumentj or Bank may gra nt copies of any docum ent obtained entries in a n c j ke pt j n (.fjg c o u r s e o f it s business or of any entnes in such document ; and any copy so granted shall, where certif ied in such ma nner as m ay be pres cribed, be admissib le in evidence for any purpose in the same m ann er and to the same extent as the original documen t, or the entries the rein , as the case may be.
Provisions 31. The provisions of the Act shal l apply also to of the Act the loans advanced by Mortgage Banks from funds shall apply which have not been borrowed from the Cen tral Mortg a g e Ranks from funds not borro w e d from the C en tr a l Mortg a g e Bank.
14 Service of 32. Whenever under the provisions of this Act lotice. notice is re quired to be given to any person in wri ting , it shall be sufficient to send such notice by :—
(i) Registered post with acknowledgem ent due , or (ii) personal service thro ugh official messenger or («») affixing a copy of the notice a t the last known place of residence or business of the person concerned thro ugh any office bearer or employee of the Central Mor tgage Bank or Mortgage Bank, as the case may be, with two wit nesses when the person concern ed refuses to accept the no tice and sign the acknow ledgement or h e cannot be found.
Sections 102, 33. The provisions of Sec tions 102 and 103 of the 103 a nd i04’Transfe r of Proper ty Act , 1882, and of any rules mad e j Cg2 1 of of the Tra ns- by the Hig h Court u nde r Section 104 of that Act for fe e r r t ° Act' c a r l ’ying out the purposes of the said Sections, shall 1832, to a P P ty , s o f a r a s m a y , in respect of all notices to be apply to served unde r this Act.
such notices unde r this Act.
34. At any sale of movable or imm ovab le pro per ty Officer ° f held under the provisions of this Act in order to Bank and recov er any money due to a Mo rtgage Bank, no the Central Directo r, Secretary or oth er Officer of such Bank or Mortg a g e of the Central M ortgage Bank (except on behalf of Bank the Bank of which he is a Directo r o r Sec reta ry or an no? to ICbid Officer) and no sale officer or othe r persons hav ing at sale. any duty to perfo rm in conn ection with such sale, shall either direct ly or indirec tly bid for or acquire or at tempt to acquire any inte rest in such pro per ty.
Deleg ation ^5. The Board may, if it thinks fit, delegate all or of certa in any of its powers under Sections 11, 17 and 23 to an powers by Executive Com mit tee constituted by it and consis ting Board. o f t w o or more of its members.
Powers of 36, (1) Th e State Governme nt may , by notificathe State tion in the official Gazet te, mak e rules for car rying Government Out the purposes of the Act.
Rules ™a k e (2) In par ticula r, and wi tho ut prejudice to the general ity of the foregoing power, such rules may pro vide for all or any of the following ma tters, na mely—
(a) the manner of effecting dis tra int ;
(b) the custody, preservat ion and sale of dis trai ned pro perty ;
(c) the investiga tion of claims by persons other than the defa ulte r to any right or interest in the d istra ined pro per ty and for the p ostp onement of the sale pending such investig ation ;
15
(rf) (he imm edia te sale of peri shable articles ;
(«) the due proclam ation and cond uct of the sale , ( / ) the recovery of the expenses of p roclam atio n and sale ;
(g) the deposit of the purchase money ;
(A) the re-sale of the proper ty, if the purchase money is not deposi ted ; a nd
(t) any other ma tte r which has to be, or may be, prescribed.
(3) All rules mad e under this Section shall be laid for not less than fourteen days before the Assam Legislative Assembly as scon as possible after they are ma de, and shall be subject to such modifications as the Legisla tive Assembly may make during the Session in which they are so laid or the Session immed iately following.
Power of the 37 .(1 ) The Board may, subject to the approval Board to of the Trustee, make regu lations not inconsis tent wi th make Regu- the provisions of this Act and the rules mad e there under for enabl ing it to discharge its funct ions under this Act.
(2) In parti cular , and with out prejudice to the generality of the foregoing power, such regulatio ns may provide for all or any of the following matters, namely :—
(a) fixing the per iod of d ebentures and the rat e of interest p ayable thereon ;
(Z>) calling in debentures afte r giving notice to debentu re holders ;
(c) the issue of new debentu res in place of deb en tures damaged or destroyed ;
(«f) converting one class of deben ture in to ano ther, bearing a different r ate of interes t ;
(e) the inspec tion of the accoun t books and pro ceedings of M ortgage Banks ;
( / ) the submission of retu rns and report s by Mortgage Banks in respect of thei r tran sac tion ;
(g) the periodical sett lement of ac counts betw een Mortgage Bank and the paym ent of the amo unts recovered by Mortgage Banks on mortgages transferred or deemed under the provisions of Section 21 to have been transfer red to the Centra l Mortgage Bank ;
16 (A) specifying the form in which app lica tions to Mortgage Banks for loans should be made and for the v aluatio n of the pro per ties offered as s ecur ity for such lo an s;
(i) the inves tment of moneys reali sed from m or t gagor ; and ( j ) genera lly for any other mat ter in resp ect o f which the Board considers provis ion shou ld be made for the purposes of this Act.
(3) All such regu latio ns shall be p ubl ished in the official Gazet te.
ASSAM ACT No.II OF 1961 TH E GA UH AT I UN IV ER SITY (AM ENDM ENT) AC T, 1960 (As passed by the Assembly) Re ce ive d th e as se nt o f the Go vernor on the 6th Ja nu ar y 1961 [Published i n the Assam Gazette, Ex tra ordin ary , da ted the 10th Janu ary, 1961] An Act further to amend the Gauhati University Act, 194,7 Pre am ble . Whereas it is expedien t further to amend the Assam Act Ga uhati Univers ity Act , 1947, hereinafter called the XVI ol Principal Act, in the ma nner here inafter appearing ; 4 • It is hereby enac ted in the Eleven th Yea r of the Republic of India as fo llo ws :— Short title, j (i) This Act may be called the Gauha ti menceme°!H? Univers ity (Amendment) Act, 1960.
(2) It sha ll come into force on such date as the Sta te Gov ernm ent may, by notif ication in the official Gaze tte, appoint .
Amendment 2 . In Section 2 of the Princi pal Act,— of Section 2 of Assam Act X V I of 1947.
(1) the follow ing sha ll be ins tead as clause (a) and the exis ting clause (a) sha ll be ren um bered as clause (aa), nam ely :—
(a) 'Board of Secondary Edu cation’ means