(1) Notwithstanding anything contained in the Indian Registration Act, 1908, it shall not be necessary to register mortgages executed in favour of the Cooperative Land Development Bank or a primary society of which the majority of the members are agriculturists, for the purpose of securing the repayment of a loan provided that ;the Land Development Bank or the primary society concerned send within such time and in such manner as may be prescribed, a copy of the instrument whereby immovable property is mortgaged for the purpose of securing repayment of the loan to the registering officer with the local limits of whose jurisdiction the whole or any part of the property mortgaged is situated.
(2) On receipt of the copy of the instrument under the preceding sub-section, the Registering Authority shall file a copy or copies as the case may be in Book No.1 prescribed under section-51 of the Indian Registration Act, 1908.
Central Act XVI of 1908 Central Act XVJ of 1908 Central Act XVI of 1908 Central Act XVI of 1908 406 THE ASSAM GAZETTE, EXTRA ORDINARY, FEBRUARY 4, 2012 POWER TO GRANT' REMISSION OF CERTAIN DUTIES, FEES ETC ACCOUNTS, RECORDS AND DOCUMENTS TO BE MAINTAINED
(3) The mortgages executed in favour of and all other assets transferred to a cooperative Land Development Bank or a primary society of which the majority of members are agriculturists, by the members thereof, as security for repayment of loan, before or after commencement of this Act shall, with effect from the date of such execution or transfer be deemed to have been executed or transferred by such society in favour of or to the financing bank,