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PART Il-^Section 3—Sub-section (i) » " p ) ' g PUBLISHED BY AUTHORITY ^° 4 9 7 J ^ ft&vfr, ¥i*«K, fiRTHR 19, 1997/3nj«raur 28, 1919 No- 4 9 7 I NEW DELHI, FRIDAY, DECEMBER 19, J997/AGRAHA YANA 28,1919 3TftW{5RI ^ f^wft, 19 Î W«K, 1997 w.^r.ft. 707(3T).—^-sVcwfin, IJIIO yi'fdisrfaftnw, 19&6 (i966^3i)^tnrra7BRTW^?ift?n1f^3m>n ^ fH w i $ft ^vrc ypvk aftr **M 31^0 (^r) r̂fuf̂ nr, 1973 (1979 *ST ^ arf*#pre T̂. s) m, ^er mr ^T 3Tfaj*pn ^ "(2) T^^^RlK^^^TT^^fTST^tn^mt I
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[ t TJ. 11015/6/92-^, A TJFT, (188)] 4, %, >siMltfl, # 3 ^ Vfo* THE GAZETTE OF INDIA : EXTRAORDINARY [PARTII—Stc. 3(i)] MINISTRY OF HOME AFFAIRS NOTIFICATION New Delhi, the 19th December, 1997 G.S-R. 707(E).— ( E ) . — In exercise of the powers conferred by section 87 of the Punjab Re-organisation Act, 1966 (31 of 1966), the Central Government hereby extends to the Union territory of Chandigarh, the Punjab Agricultural Credit Operations and Miscellaneous Provisions (Banks) Act, 1978 (Punjab* Act No.5 of 1979), as in force in the State of Punjab on the date of this notification, subject to the following modifications, namely:- MODIFICATIONS In the Punjab Agricultural Credit Operations and Miscellaneous Provisions (Banks) Act, 1978 (Punjab Act No.5 of 1979), —
(1) in section 1, for sub-sections (2) and (3), the following sub-sections 3hall be substituted, namely:- "(2) It extends to the whole of the Union territory of Chandigarh.
(3) It shall come into force at once.";
(2) for the worda "State Government", wherever they occur, the word "Administrator" shall be [qpTii—-a^3(Q] »irai'vrTPm:3raiwoT substituted and there shall also be made such consequential changes as the rules of grammar may require;
(3) for the words "this Act", wherever they occur, except in sub-section (lj of section 1, the words "this Act as extended to the Union territory of Chandigarh" shall be substituted;
(4) after the words and figures "the Punjab Co operative Societies Act, 1961" wherever they occur, the words, "as in force in the Union territory of Chandigarh," shall be inserted;
(5) in section 2, clause (a) shall be relettered as clause (aa) and before clause (aaj as so relettered, the following clause shall be inserted, namely:- "(a) "Administrator" means the Administrator of the Union territory of Chandigarh appointed by the Presiderft under article 239 of the Constitution";
(6) in section 3, in sub-section (5) and in sub section (1) of section 8, for the words "an official of the state Government", the words "an official of the Chandigarh Administration" shall respectively be substitutedj
(7) in section 23, sub-section (3) shall be omitted.
3??6/&£/r/— J2 10 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] ANNEXURE THE PUNJAB AGRICULTURAL CREDIT OPERATIONS AND MISCELLANEOUS PROVISIONS (BANKS) ACT, 1978 PUNJAB ACT No. 5 of 1979 [Received the assent of the President of India on the 7th March, 1979, and was first publised for general Information In the Punjab Government Gazette (Extraordinary), dated tho 27th March, 1979.1 AN ACT to make provisions to facilitate adequate flow of credit for agricultural production and development through banks and other institutional credit agencies and for matters connected therewith or incidental thereto.
BE it enacted by the Legislature of the State of Punjab in the Twenty-ninth Year of the Republic of India as follows:-
CHAPTER I Preliminary
1. (1) ThlB Act may be called the Punjab Agricultural Short Credit Operations and Miscellaneous Provisions (Banks) Act, 1970. title extent and commence ment .
(2) It extends to ihe whole of the Union territory of Chandigarh.
(3) It shall come into force at once.
2. In this Act, as extended to the Union territory of - ^ r ^ 3 ( j > ] w?r wr turn: sfwutwi Chandigarh, unless the context otherwise requires,--
(a) "Administrator" means the Administrator of the Union territory of Chandigarh, appointed by the President under article 239 of the Constitution;
laa) "agriculture" and "agricultural purpose" shall include making land fit for cultivation, cultivation of land, improvement of land including development of sources of irrigation, raising, protecting and harvesting of crops, horticulture, forestry, planting and farming, cattle breeding, animal husbandry, dairy farming, seed farming, pisciculture, apiculture, sericulture, piggery, poultry farming and such other activities as are generally carried on by agriculturists, dairy farmers, cattle breeders, poultry farmers and other categories of persons engaged in similar activities including marketing of agricultural products, their storage, and transport and the acquisition of implements and machinery In connection with any such activity;
(b) "agriculturist" means a person who is engaged in agriculture;
fc) "Agro-Industries Corporation" means a company or other body corporate, one of the principal objectives of which is to undertake activities connected with or Intended for thB development of agriculture and not less than fifty-one par centum of the paid up share capital of which is held by the Central Government or by any State Government or Governments or oartly by the Central Government and partly by one or more State Governments;
(dj "bank" oaona - ft) a banking company as definod in the Banking Regulation Act, 1949 ;
12 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
(li) the State Bank of India constituted under the State Bank of India Act, 1955 ;
(til) a subsidiary bank aB defined in the State Bank of India (Subsidiary Banks) Act 1959 ;
any of the bankH mentioned in column 2 of the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 ;
any banking Institution notified by the Central Government under section 51 of the Banking Regulation Act, 1949 ;
the Agricultural Refinance Corporation constituted under the Agricultural Refinance Corporation Act, 1963 !
(vii) the Agro-Industries Corporation as defined in clause (c) ;
(vlil)the Agricultural Finance Corporation Limited, a company incorporated under the Companies Act, 1956 ; and
(ix) any other financial institution notified by the Administrator in the Official Gazette as a bank for the purposes of this Act as extended to the Union territory of Chandigarh;
(e) "co-operative Bociety" means a co-operative society as defined in clause (c) of section 2 of the Punjab Co-operative Societies Act, 1961, the object of which is to provide financial assistance as defined in clause (f) of this section to its members and Includes the co-operative land mortgage bank ;
(iv)
(v)
(vl) [Vm II— TSB5 3 ( i ) ] HRW *PTTF>m : 3ffTHJKU| 13
(f) "financial assistance" means assistance granted by way of loans, advances, guarantee or otherwise for agricultural purpose;
(g) "Registrar" means the Registrar as defined in clause (j) of section 2 of the Punjab Co-operative Societies Act, 1961.
CHAPTER II RIGHTS OF AGRICULTURISTS TO CREATE CHARGE ON LAND AND INTERESTS THEREIN IN FAVOUR OF BANKS 3l (1> Jt shall be lawful for an agriculturist ton*.
Ltiarge on create a charge on the moveable property owned by him orcrnp and other on the crops raised by him, standing or otherwise. t o m n v e a b l e ,, ' "-"property in the extent of his Interest therein, In favour of a bank, favour of to secure financial assistance from that bank, b a n knotwithstanding that he may not bo the owner of the land on and from which the crop is raised.
(2) Notwithstanding anything to the contrary contained in the Punjab Co-operative Societies Act, 1961, as in force in the Union territory of Chandigarh or any other law for the time being in force, no charge in respect of financial aslstanco extended by a co- operative society to an agriculturist shall have priority over a charge on the crops raised by him, standing or otherwise, or any other moveable property in respect of any financial assistance given to him by a bank :
Provided thai the financial assistance made by the bank is «•-
(a) prior In point of time to that of the financial assistance extended by the co-perative eociBty;
and
(b) on a certificate, in the form prescribed, from the ' THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] co-operative society or co-operative societies in the area where the agriculturist resides.
(3) A co-operative society in the area whore the agriculturist holde land shall on demand by him isBue a certificate referred to in sub-section (2).
(4) The Registrar or any other person appointed by him in this behalf shall prepare a list of co-operative societies registered under the Punjab Co-operative Societies Act 1961, as in force in the Union terrllory of Chandigarh and publish the same in the Official Gazete after such interval as may be prescribed.
(5) A bank may distrain and sell through an official of the Chandigarh Administration designated In this behalf by the Administrator, the crop or other produce or other moveables charged, to that bank to the extent of the agriculturist's interest therein and appropriate the proceeds of such sale towards all moneys due to the bank from that agriculturist.
4. (1) Where an agriculturist creates a charge on land, or any other immoveable property which he owns or charge^ 0 in which he has an interest in respect of any financial l a n d in assistance given to him by a bank, he may make a b a n k ^ y " declaration on the lines of the form set out in the declaration, Schedule or as near thereto as circumstances permit, declaring that thereby he creates, in favour of the bank, a charge on such land or other immoveable property or hie interest therein, as the case may be, to secure the financial assistance given \o him by the bank.
(2) A declaration made under sub-section (1) may be varied from time to time by the agriculturist with the consent of the bank in whose favour the declaration has been made and every such variation shall take effect as if it had been an original declaration.
[vmn-Ts^5-3(0] 1TOT1*iT'tNI4i) : •^•HIUI4.U| 15
CHAPTER III CHARGES AND MORTGAGES IN FAVOUR OF BANKS AND THEIR PRIORITIES
5. Notwithstanding anything to the contrary contained in the Punjab Co-operative Societies Act, 1961 as in force in the Union territory of Chandigarh, or any other law for the time being in force and notwithstanding that any land or interest therein stands already charged or mortgaged to a co-operative society, it shall bo lawful for an agriculturist to create a charge or mortgage on such land or interest therein in favour of a bank as security for any financial assistance given to the agriculturist by that bank.
Removal of d1sabli1ty Jn creation of charges and mortgages
6. (1) Notwithstanding anything to the contrary contained in any law for the time being in force but subject to any prior c)aim of the Administrator in respect of land revenue,--
(a) no charge or mortgage created on any land or Interest therein after the commencement of this Act as extended to the Union territory of Chandigarh in favour of the Administrator or a co operative society shall have priority over a charge or mortgage on such land or interest created by an agriculturist in favour of a bank as security for financial assistance given to the agriculturist by the bank after the commencement of this Act as extended to the Union territory of Chandigarh and prior to the charge or mortgage in favour of the Administrator or the co-operative society; ami Priority of charges and mortgages in favour of Government, bank and co-ooerat1ve society.
(b) any charge or mortgage created on any land or interest therein in favour of a bank in resfl&ct of financial assistance given to an agriculturist by THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)J that bank shall have priority over any other charge or mortgage that may have been created over such land or interest in favour of any person other than the Administrator, a co-operative society or any other bank, prior to the date on which the charge or mortgage was created in favour of the bank.
(2) Where different charges or mortgages over the same land or interest therein have been created by an agriculturist in favour of the Administrator, a co operative society or a bank or more than one bank, any such charge or mortgage created as security for financial assistance given by the Administrator, co operative society or the bank or banks by way of term loans for development purposes Bhall have priority over the other charges or mortgages created in favour of the Administrator, co-operative society or any of the banks, provided prior notice of any euch financial assistance by way of term loan for development purposes had been given to the Administrator, co-operative society or bank and the Administrator, co-operative society or bank has concurred in such financial assistance, and where more than one such charge or mortgage is as security for financial assistance given by way of term loan, the charges or mortgages by way of security for term loan for development purposes will rank for priority in accordance with the dates of their crea ti on.
Explanation.-- For the purposes of this section "term loan for development purposes'* shall mean financial assistance which would generally lead to improvement of agriculture or building up of assets in agriculture but Bhall not include financial assistance for meeting working capital, expenses for seasonal agricultural operations and marketing of crops.
(3) Nothing contained in this section shall apply to borrowings only from one or more co-operative societies [HPT II— 7JP5 3(j)] *TM'SdTRq* ; araiVK*'! (7 including land mortgage banks.
7. (1) Notwithstanding anything contained In any law for the time being in force, an agriculturist Who has Restrictions , • , , , - . , - „ „ , , o n crea t J on availed himeeif of financial assistance from a bank by 0f tenancy creating a charge or mortgage on land or interest b^ agricult uri Bt therein, shall not, so Jong as the financial assistance borrower.
continues to be outstanding, lease or create any tenancy rights on such land or interest therein without prior permission in writing of the bank Jf he has not already leased or created tenancy rights thereon at the time of availing of the financial assistance from the bank.
(2) Any lease granted or tenancy rights created in contravention of this section shall be void.
CHAPTER IV ARRANGEMENTS FOR RECOVERY OF DUES BY BANKS
8. (1) An official of the Chandigarh Administration notified by the Administrator as the prescribed Recovery o f r dues 01 authority for the purpose of this section may, on the banks through application of a bank. make an order against any Pre«cr|bed 0 J authorlty.
agriculturist or his heir or legal representative, directing the payment of any sum due to the bank on account of financial assistance availed of by the agriculturist, by the sale of any land or any interest therein upon which the payment of such money 1B charged or mortgaged :
Provided that no order shall be made by the prescribed authority under this section for the sale of any land or any interest therein or any other Immovable property upon which the payment of money is charged or mor tgaged unless the agriculturist or the heir or legal representative of the agriculturist, as the case may be, has been served with a notice by the prescribed authority calling upon him to pay the amounts due.
THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—Sec, 3(1)]
(2) Every order passed by the piescrlbed authority under sub-section (1) shall be deemed to be a decree of a civil court and shall be executed in the same manner as a decree of such court.
(3) The bank shall pay to the Administrator such fee as may be prescribed for the services rendered by the Administrator in connection with the recovery of dues of the bank.
(4) Nothing contained in this section shall debar a bank from seeking to enforce ite rights in any other manner open to it under any other law for the time being In force.
9- (!) Notwithstanding anything contained in any law for the time being in force, a bank shall have the power to itself acquire agricultural land or Interest therein or any other immovable property which has been charged or mortgated to tt by an agriculturist In respect of any financial assistance availed of by him, provided the said land or interest therein or any other immovable property has been sought to be sold by public auction and no person has offered to purchase it for a price' which is sufficient to pay to the bank the moneys due to It.
(2) A bank which acquires land or interest therein or any other immovable property in exercise of the power vested In it under sub-section [1) Bhall dispose it of by sale, within a period to be specified by the Administrator in this behalf.
(3) If the bank has to lease out any land acquired by it under sub-section (1), pending sale thereof as Indicated In sub-section (2), the period of lease shall not exceed one year at a time and the lessee shall not acquire any interest in that land or property not withstanding any provision to the contrary contained in any other law for the time being in force.
[ w i i — ^ 5 30)] KTW fK TF5PT3 : OTmjTOT 19
CHAPTER V FINANCING OF CO-OPERATIVE SOCIETIES BY BANKS.
10. Notwithstanding anything contained in the Punjab Bank eligible Co-operative Societies Act, 1961 as in force in the to become Union territory of Chandigarh or any law for the time member of J ° co-operative being In force, it shall be lawful for a bank to become society.
a member of a co-operative society.
11. Notwithstanding anything contained in the Punjab Power of Co-operative Societies Act, 1961 as in force in the Co-opqrative Union territory of Chandigarh it shall be lawful for any societies J . t o borrow co-operative society to borrow from a bank. from Bank
12. (1) A bank shall have the right to inspect the inBpBctlon books of any co-operative society which haa either of books of , , , , J co-operative applied to the bank for financial assistance or is a o Cja ty by indebted to the bank on account of financial assistance bank.
granted earlier.
(2) The inspection may be carried out by an officer or any other member of the paid staff of the bank with the previous sanction in writing of the Registrar.
(3) the officer or any other member of the paid staff of the bank undertaking such inspection, shall, at all reasonable times, have access to the books of accounts, documents, securities, cash and other properties belonging to or in the custody of the co-operative society inspected by him, and shall also be supplied by such society such Information, statements and returns as may be required by him to assess the financial condition of the society in order to ensure the safety of financial assistance to be made or already made to it.
13. (1) Notwithstanding anything contained in any Di spot as other law for the time being in force, any dispute between bank 20 THE GAZETTE OF INDIA: EXTRAORDINARY [PARI II—SEC 3(i)] of disputes.
touching the constitution, management or the business of an<J co-0perati« a co-operative society, between a bank financing a co- society.
operative society and the co-operative society so financed other than disputes regarding the disciplinary action taken by the society or its committee against a paid employee of the society, shall be referred by either of the parties to the dispute to the Registrar for decision.
(2) Where any question arises whether, for purposes of sub-section (1), a matter referred to for decision is a dispute or not, the question shall be decided by the Registrar whose decision shall be final.
1 4 > (1> I f th« Registrar is satisfied that any matter Settlement referred to him or brought to his notice is a dispute within the meaning of section 13, the Registrar shall decide the dispute himself or refer it for disposal to the nominee or a board of nominees appointed by him.
(2) Where any dispute is referred under sub-section
(1) for decision to the Registrar's nominee or board of nominees, the Registrar may, at any time, for reasons to be recorded in writing, withdraw such dispute from his nominee or board of nominees and may decide the dispute himself or refer it again for decision to any other nominee or board of nominees appointed by him.
(3) Notwithstanding anything contained in section 13, the Registrar may if he thinks fit, suspend proceedings in regard to any dispute if the question at issue between a co-operative society and a bank is one involving complicated questions of law and fact, until the question has been tried In a regular suit instituted by one of the parties to the dispute, but If such suit Is not Instituted within two months from the Registrar's order suspending proceedings, the Registrar shall take action as is provided in Bub-section (1).
The Registrar or his nominee or board of nominees [VHTTI— T3TO3(i)] *ircfl WI ' (W^ : aroroR0! 21 BhaT^-Hiear the dispute under section 14 in the manner Procedure for prescribed by the Registrar in this behalf. hearing of disputes.
16. When the dispute is referred for decision, the Decision of Registrar or his nominee or the board of nominees may, h t* nominee after giving a reasonable opportunity to the parties to or board L .. ~* of nominees.
the dispute to be heard, make an award on the diBpute, on the expenses incurred by the parties to the dispute in connection with the proceedings and fees, expenses payable to the Registrar or his nominee or as the case may be to the board of nominees. Such an award shall not be invalid merely on the ground that it was made after the expiry of the period fixed for deciding the dispute by the Registrar and shall be binding on the parties to the dispute.
17. Every award given by the Registrar or his nominee Recovery of or the board of nominees under section 16, shall, if not money awarded.
carried out, on a certificate signed by the Registrar, be deemed to be a decree of a civil court and shall be executed in the same manner as a decree of such court, IB. (1) If a co-operative society is unable to pay itB Powers of debts to a bank from which it has borrowed, by reason of banks to proceed its members defaulting, in the payment of the money due against by them, the bank may direct the committee of such defaulting members of Bociety to proceed against such members by taking action co-operative under the Punjab Co-operative Societies Act, 1961 as in society.
force in the Union territory ot Chandigarh.
(2) If the committee of the co-operative society fails to proceed against its defaulting members within a period of ninety days from the date of receipt of such directions from the bank, the bank may itself proceed against such defaulting members in which even the provisions of the Punjab Co-operative Societies Act, 1961, as in force in the Union territory of Chandigarh, the rules and bye-laws made thereunder shall apply as if all references to the society or its committee in the said provisions, rules and bye-laws were references to 22 THE GAZETTE OF INDIA : EXTRAORDINARY [PART IT—SEC. 3(i)] the bank, [3) where a bank has obtained a decree or award against a co-operative society indebted to it, the bank may proceed to recover such moneys firstly from the assets of the co-operative Bociety and secondly from the members of the co-operative society to the extent of their debts due to the society.
19. The Registrar ghall draw the attention of the bank Audit, financing a co-operative society to the defects noticed Inspection and in every audit, inquiry or inspection of such society incluIry reports of conducted under the provisions of the Punjab Co- societies operative Societies Act, 1961, as in force in thB Union t a b e c „, availbale to territory of Chandigarh and shall also supply a copy of banks.
such audit, inquiry or inspection report, if demanded in writing by the bank.
CHAPTER VI MISCELLANEOUS Exemption
20. Nothing In any law for the time being in force f r a m legislations dealing with moneylending or agriculturist's debt relief relating to shall apply to financial assistance availed of by an m o n ey- ]ending and agri culagriculturist from a bank. turist's debt relief.
21. (1) Notwithstanding anything contained in any law for the time being in force, mortgages executed after the commencement of this Act as extended to the Union Mortgages territory of Chandigarh by the manager of a joint Hindu executed by family in favour of a bank for eecuring financial m a n a 8 e r s of Hindu assistance for an agricultural purpose shall be binding families.
on every member of such Joint Hindu family.
(2) where a mortgage executed In favour of bank is called in question on the ground that it was executed by the manager of a Joint Hindu family for a purpose not binding on the members (whether such members have attained majority or not) thereof, the burden of proving [mru— ̂rr§3(i)] Mret^Trem: awmrc"! 23 the same Bha 11 lie on the party alleging It.
22. Section 8 of the Hindu Minority and Guardianship Act, 1956, shall apply to mortgages In favour of a bank nJLui!?!, uppiicBtion subject to the modification that reference to the court of soction 8 of Central Act or his nominee and the appeal against the order of the 32 of therein shall be construed as reference to the collector or his nominee and the appeal against the order of t Collector or his nominee shall lie to the Commissioner
23. (1) The Administrator may make rules to provide for all matters for which provision is necessary or expedient for the purpose of giving effect to the provisions of this Act as extended to the Union territory of Chandigarh and all such rules shall be published in the Official GazettB.
(2) The rules framed under sub-section (1) shall be subject to previous publication.
SCHEDULE Declaration under section 4(1) I. _ _ _ _ „ (aged years) residing 'at , bBing desirous of availing myself of financial assistance from the bank, make this declaration as • — — 1 1 — • •— '- — required by sub-section (1) of section 4 of the PUnjab Agricultural Credit Operations and Miscellaneous Provisions (Banks) Act, 1978 as extended to the Union territory of Chandigarh that I, _̂ o w n land/other immovable property have interest as a tenant in the land specified below, and I hereby create a charge on the said land, other Immovable property, interest in land in favour of the bank for securing the financial assistance which the bank may make and for all future assistance, if any, which the bank may make to me together with interest and costs and expenses thereon.
1956.
Power to make rules.
24 THE GAZETTE OF FND1A : EXTRAORDINARY [PART II~SUC. 3(i)] Name of Name of Name of K h a g r a B o u n d a r i e s A r e a R e v e n u e T e h s i l D i s t r i c t Number S o u t h , i n E s t a t e N o r t h , E a s t ' A c r e s West Encumbrances, if any Assessment Approximate Nature Amount Remarks,if Rupees Paise Value a n y 10 11 I n witness whereof, I, ~^__________ hereunder set my hand this day of in the year one thousand nine hundred and Wi tnesses:
Signed and delivered by the above named in the presence of 13 2) Signature of Declarant.
[F. No. U-l 1015/6/92-UTL (188)] P. K. JALALI, Jt. Secy.
Printed by the Manager, Govt, of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-] 10054— 1997 •