W( MINISX&Y OF FINANCE NOTIFICATION New Delhi, the 11th January 1961 G.S.R. 86.—In exercise of the powers conferred by section 2 of the Union Territories (Laws) Act, 1950 (30 of 1950), the Central Government hereby extends to the Union terr i tory of Himachal Pradesh the Punjab Cooperative Land Mort gage Banks Act, 1957 (Punjab Act No. 26 of 1957), as at present in force in the State of Punjab, subject to the following modifications, namely:— MODIFICATION'S 1 A. General.
1. Whenever an expression mentioned in column 1 of the Table below occurs in the Act except in the long title, enacting formula and sub-section (1) of sec tion 1, then, unless that expression Is by this notification directed to be otherwise modified, or to s tand unmodified, or to be omitted, there shall be substi tuted therefor the expression set opposite to it in column 2 of the said Table, and there shall also be made in any sentence in which that expression occurs such conse quential amendments as the rules of grammar may require.
i TABLE State Government Official Gazette Stets of Punjab Punjab Cooperative Societies Act, 1954 Lieutenant Governor Himachal Pradesh Gazette Union terr i tory of Himachal Pradesh Himachal Pradesh Cooperative Socie ties Act, 1956.
B. Special
2. In sub-section (3) of section 1, after the word 'Notification1 the words 'hi the Himachal Pradesh Gazette ' shall be inserted.
3. In section 2,—
(i) in clause (c), for the words "clause (1) of section 4 of the Punjab Tenancy Act, 1887 .(No. XVI of 1887)" the words "clause (5) of sec tion 2 of the Himachal Pradesh Abolition of Big Landed Estates and Land Reforms Act, 1953 (Ko. 15 of 1954)" shall be substituted;
(ii) after clause (c), the following clause shall be added, namely:
"(cc) 'Lieutenant Governor' means the Lieutenant Governor of Himachal Pradesh" .
(hi) for clause (h) , the following clause shall be substituted, namely:
"(h) 'the State Bank' means 'the Himachal Pradesh Central Cooperative Land Mortgage Bank, Limited', to be established for the purposes of this Act;"
•i. In section 10, for the words "State Government", the words "Central Gov* srnment" shall be substituted. .
rf
5. In section 29, after the words ' 'Land Improvement Loans Act, 1883", the words "or any other law for the time being in force in the Union terr i tory of Himachal Pradesh" shall be inserted.
ANKEXURE The Punjab Cooperative Land Mortgage Banks Act, 1957 as extended to the Union terr i tory of Himachal Pradesh.
THE PUNJAB COOPERATIVE LAND MOETC-AGE BANKS ACT, 1957 PUNJAB ACT NO. 26 OF 1957 An Act to supplement the provisions of the Punjab Co-operative Societies Act.
1954, in order to facilitate the working of Cooperative land mortgage banks in the State of Punjab with a view to providing for the grant, of long-term loans to owners of land or other immovable propsrty, to enable them to discharge their debts, to carry out agricultural improvements, to acquire land for the formation of economic holdings and other like purposes and thereby to promote thrift and self-help among them.
Be it enacted by the Legislature of the State of Punjab in the Eighth Year of the Republic of India as follows:— ' CHAPTER I Preliminary
1. Short title, extent find commencement.—(1) This Act may be called the Punjab Co-operative Land Mortgage Banks Act, 1957.
(2) It extends to the whole of the Union terri tory of Himachal Pradesh.
(3) It shah come into force on such date as the Lieutenant Governor may by notification in the Himachal Pradesh Gazette appoint.
2. Definitions.—In this Act, unlass the context otherwise requires:
(a) "Board" means the board of Directors of the State Bank; ^
(b) "Committee" means, in relation to a Pr imary Land Mortgage Bank, the governing body of the Bank to whom the management of its affairs is entrusted:
(c) "Land" shall have the meaning assigned to it in clause (5) of section 2 of the Himachal Pradesh Abolition of Big Landed Estates and Land Reforms Act 1953 (No. 15 of 1954);
(cc) "Lieutenant Governor" means the Lieutenant Governor of Himachal Pradesh;
(d) "Mortgage Bank" means a Pr imary Land Mortgage Bank or State Bank registered or deemed to b§ registered under the Himachal Pradesh- Cooperative Societies Act, 1953;
(e) "prescribed" means prescribed by rules made under this Act,
(f) "Primary Land Mortgage Bank" means a Co-operative Land Mortgage Bank registered or deemed to be registered under the Himachal Pradesh Cooperative Societies Act, 1958 and affiliated as a member to the State Bank;
(g) "Registrar" means the person appointed by the Lieutenant Governor to be Registrar of Co-operative Societies for the Union terri tory of Himachal Pradesh or any person appointed by the Lieutenant Governor to assist the Registrar under section 3 of the Himacnal Pradesh Cooperative Societies Act, 1956:
(h) "the State Bank" means the Himachal Pradesh Central Co-operative Land Mortgage Bank Limited to be established tor the purposes-, of this Act:
(i) "Trustee" means the trustee referred to in section 3.
CHAPTER II.
Trustee 3 A n o i n t m e n t o* Trusted—The Registrar shall be the Trustee- for the purposes trf securing the fulfilment nf the obligations of the State Bank to the noider= or debentures issued by the State Bank.
.4 Vesting- of Property in Trustee.—The mortgages and other assets transferred by the Primary Land Mortgage Banks to the State Bank shall vest in the Trustee from the date of such transfer.
5. DeDentin-e-hoIciers to have first charge on mortgages etc.—The holders of the debentures shall have a first charge on all such mortgages and assets, on the amount paid under such mortgages and remaining in the hands of the State Bank or of the Trustee, and on the other properties of the State Bank.
6. Powers and functions of the. Trustee,—The powers and functions of the • . Trustee shall be governed by- the instrument of t rust executed between the State Bank and the Trustee, as. modified from time to time by mutual agreement between the State Bank and the Trustee,
CHAPTER III j Debentures
7. Issue of debentures by the Board.—With the previous sanction of the Trustee, the State .Bank may issue debentures of one or more denominations for such periods as it may deem expedient on the security of the mortgage and other assets t rans ferred or deemed under the provisions of section 25 to have been transferred by the Pr imary Land Mortgage Banks to the State Bank or on the security of all cr any of the assets and properties of the State Bank.
8. Redeemable period of debentures.—Sue*, debentures may contain a term.
fixing a period not exceeding ten years from the date of issue during which they shall be irredeemable, or reserving to the Board the right to call in at any time any of th'e debentures in advance of the date fixed for redemption, after giving to the debenture-holder concerned, not less than three months' notice, in writing.
9. Maximum limit of debentures.—The total amount due on the deben tures issued by the Board and outstanding at any time shall not exceed the aggregate of the amounts due on the mortgages, the value of the other assets, transferred or deemed under the provisions of section 25 to have been transferred by the Primary Land Mortgage Banks to the State Bank and subsisting at such time and the amounts paid under the mortgages aforesaid and remaining in the hands of the Board or of the Trustee at that time.
10. Guarantee by Central Government of principal and interest debentures issued under section .7.—The principal of, and interest on, the debentures issued under section 7 shall carry the guarantee of' the Central Government subject to such conditions as it may deem fit to impose.
11. Power of Eoard to make regulations.—The Board may, subject to the approval of the Trustee and of the Lieutenant Governor make regulations, not inconsistent with the provisions of this Chapter:—i
(i) for fixing the period of debentures and rate of interest payable thereon;
(ii) for calling in debentures after giving notice to debenture-holders;
(iii) for the issue of new d d e n t u r e s in place of debentures damaged or destroyed;
(iv) for converting one class of debentures into another bearing a different ra te of interest; and LV) generally for carrying out the provisions of this Chapter.
CHAPTER W Distraint and sale of produce
12. Distraint when to be made.— (1) If two consecutive instalments payable .
"under a mortgage executed in favour of, or transferred or deemed under section 25 to be transferred to, the State Bank or any part of such instalments has remained mip',\ici for more than three months from the date on which it fell due, the Board m a y in addition to any other remedy available to the- said Bank, apply to the Registrar for the recovery; of such instalments or part by distraint and sale of the produce Si the mortgaged land including the standing crops thereon provided that such crops belong to the mortgagor or mortgagors, as the case may be.
(2) On receipt of such application, the Registrar may notwithstanding anything contained in the transfer of Property Act. 1882 .or any other law for the time being in force, take such action as is necessary to distrain and sell such produce.
Provided that no distraint shall be made after the. expiry of twelve months from the date on which the instalment fell due. /
(3) The distraint ' shall not be excessive, the value of the property distrained shall be, as nearly as possible, equal to the amount due and the expenses of the distraint and the cost of the sale.
Any mistake, defect or irregularity in this respect shall not invalidate a dis traint or sale made under this Act., .
13. Distraint how to be effected.^—(1) Before or at the time when a distraint is made under section 12, the distrainer shall serve or cause to be served upon the defaulter a written demand specifying the amount for which the distraint is made.
(2) The demand shall be dated and signed by the distrainer and shall be served upon the defaulter by delivering a copy to him or to some adult male member of his family at his usual place of abode or to his authorised agent, or when such service cannot be effected, by affixing a copy of the demand on some conspicuous part of his abode and of his land.
14. Sale oi property distrained.—(1) If, within fifteen days from the date of service of the demand referred to in section 13, the defaulter does not pay the amount for which the distraint was effected, the distrainer may sell in auction the distrained property or such par t thereof as may in his-opinion be necessary to satisfy the demand together with the expenses of the distraint and the costs of the sale.
(2) From the proceeds of' such sale, a deduction shall be made at a ra te not exceeding one anna in the rupee on account of the costs of the sale.
(3) From the balance shall be deducted the expenses incurred by the distrainer on account of the distraint.
(4) The remainder, if any, shall be applied to the discharge of the amount for which distraint was made.
(5) The surplus, if any, shall be delivered to the person whose property has been sold and he shall be given a receipt for the amount discharged from., the proceeds of the sale. *Jt.
CHAPTER V Sale of Mortgaged Property 15 Power oi sale when to he exercised.— (1) Notwithstanding anything contained in the Transfer of Property Act, 1882, or any other law for the t ime being in force where a power of sale without the intervention of the Court is expressly conferred on the State Bank by the mortgage deed, the Board or any person authorised by such Bbard in this behalf shall, in case o£ default of payment of the mortgage money or any p a r t thereof, have power, in addition to any other remedy available to the State Bank to bring the mortgaged property to sale without the intervention of the Court.
(2) No such power shall be exercised unless and until—
(a) the Board have previously authorised the exercise of the power conferred by sub-section (1), after hearing and deciding the objections, if any, of the mortgagor or any other person having any interest in the mortgaged property;
(b) notice in writing requiring payment of such mortgage money or part has been served upon—
(i) the mortgagor or each of the mortgagors;
(ii) any person who has any interest in or charge upon the property mortgaged or in or upon the right to redeem the same; |
(hi) any surety for the payment of the mortgage debt or any part thereof;
and .
fiv"> mw creditor of ' the mortgagor who has in a suit for the administration ^ } of his estate obtained a decree for sale of the mortgaged property;
(c) default has been made in payment of such mortgage money or part for six months • after such service; and
(d) the Registrar, in-case where the amount claimed by the State Bui>* « . . l i 6 ; ^ 1 ' 1 1 0 ^ 1 1 i0VJale a n t I manner of safe.—(1) m exercise of the power oi E o L d ™ r e a ™ w f o C t r ft t h ? , B ° a r d ° r ^ A * * duly authorised by tne S r S S t h « y m F + / f f ! e 3 a l e 0 f f l c e r & PP° m t ed in that behalf under section 24 to sell the mortgaged property or any part thereof and such officer shall after giving notice m writing, to all the persons referred to in section 15 seU such property m the manner prescribed subject to any previous charge on the basis of a registered deed.
(2) The sale shall be by public auction and shall be held in the village where the mortgaged property is situated or at the nearest place of public resort if the sale officer is of opinion that the property is likely to sell to better advantage there.
(3) The Registrar may set aside a sale on the application of the mortgagor or any other person interested in the mortgaged property, presented to him within 30 days of the sale, if in his opinion there has been an illegality or material irregularity in conducting the sale.
(4) On the sale being set aside by the Registrar under sub-clause (3), a fresh sale shall be conducted in accordance with the provisions of this Chapter.
17. Application to set aside sale on deposit and confirmation of sale in deiauit or on dismissal of sneli application.—(1) When a mortgaged property has been sold under this chapter, the mortgagor or any person having a right or interest therein affected by the sale, may, at any t ime within thir ty days from the date of sale,, apply to the Board to have, the sale set aside on his depositing at the office of the State Bank-—•
(a) for payment, to the said Bank the amount specified in the proclamation of sale together with subsequent interest and the cost, if any, incurred by the Bank in bringing the property to sale; and
(b) for payment to the purchaser, a sum equal to two per cent of. the purchase money.
(2) If such deposit is made, the Board shall m a k e an order setting aside the sale.
(3) Where no application is made under sub-clause (1) or where S'uch application is made and disallowed, the Board shall apply to the Registrar to make an order confirming the sale and on such officer confirming the sale, it shall become absolute.
18. Distribution of the proceeds of sale.— (1) The proceeds of every .sale under this Chapter shall be applied by the sale officer, first in payment of all costs, charges and expenses properly incurred by him as incident to the sale or any attempted sale determined in the prescribed manner; secondly in payment of all interest due on account of the mortgage in consequence whereof the mortgaged property was sold; thirdly in payment of the principal money due on a&cQ&ii: of the mortgage; and lastly, the residue, if any, shall be paid to the person proving himself interested in the property sold or, if there are more such persons than one, then to such persons according to their respective interests therein or upon their joint receipt.
(2) (a) Any person dissatisfied with the decision of the sale officer in regard to the distribution of such residue may, within th i r ty days of the communication to him of such decision institute a suit in a court to establish the right he claims.
(b) The sale officer shall not distribute such residue until thir ty days have elapsed from communication of his decision to all the persons concerned or, if a suit has been inst i tuted within the said period of th i r ty days by any such person, until the suit is disposed of or otherwise than in accordance with ths decision of the court therein.
Explanation.—In this subsection Court means the CroJ court wiii-h would have jurisdiction to entertain a suit to enforce the mortgage and withm tho limits of whose jurisdiction the property sold is situated.
• 10, Certificate to onrehasc-i\—-Where a s§te ©i mortgaged property has bee© absolute the sale officer shall grant a certificate specifying the oroperty sold l come and the name or the person who at the time of the sale is declared to be purchaser.
Such certiacate shall bear date, the day on which the sale became absolute. * 20 Delivery of property to purchaser.—.(1) Where the mortgaged property sold is in "the occupation of the mortgagor or of some person on his behalf 0 * 0 * some person claiming under a title other than a lease for a p n o a ^ exceeding tive years created by the mortgagor subsequent to the mortgage in favour oi the State Bank and a certificate in respect thereof has been granted under ^ i o n 1J, the Court shall, on the application of the purchaser, order delivery to be made ov putting such purchaser, or any person, whom he may appoint to receive delivery on his benaif, in possession at the propei ty .
m Where the property sold is in- the occupation of a tenant or other person entitled t o o c c u p y the same and certificate in respect thereof has b M l « g under section 19, the Court shall, on the application of the purchaser, g ^ f 8 ?
notice to such tenant or other person, order delivery to be made b^ affixing ^ coov of the certificate of sale in some conspicuous place on the P * W W * * * nroclamiinff to the occupant by beat of drum or other customary mode at some c o n v e ™ f Place that X interest of the mortgagor has been transferred to the purchaser.
m Tn regard to the cases dealt with in sub-sections (1) and (2) the provisions of r u l e ^ 7 to* 103 of Order f X I of the first Schedule to the Code of Civil Procedure 19OS, shall mutatis mutandis and, so far as may be, apply.
Expton.tttion.-In this section, Court shall have the same meaning as in section I S . • • ' - ' 21 Bight of Hie mortgage Bank to purchase the « « ^ * | « g * 2* S ^ c 7 Notwithstanding anything contained m any l ^ J Z ^ ^ ^ M b e firftilS including a law imposing a ceiling on agricultural holdinfis, it shall be &*£±lor «™T iTinrt^crp Bank to purchase any mortgaged property sold under mis ^napier , £ l S ? 3 S ^ i l > S S S shall be deposed of by such Bank by sale withm such period as may be fixed by the Trustee.
& tim&mm Of receiver and Ms p o w e r s - < 1 ) The Boar d m « ^ | « ^ » ^ S m n : i m ZZ i n + h e case of mortgages executed m favour of the Pr imary Land T o r S g e Sank on the application of such Banks and under circumstances -in S I thP oower of sale conferred by section 15 may be exercised, appoint J g S ^ a r S L of the produce and income of the mortgaged property or any S r t l e ^ ^ d s u e f a receiver shall be entitled either to take possession of the nronerty or collect its produce and income as the case may be to re tam out of any m o L y reaUsed g r him his exuenses of management including his remuneration if l o T a T n l e d by the Board, and to apply the balance in accordance with the p r o v S o n l ofsub-section (8) of section 69-A of the Transfer of Property Act, 1882.
(2) A receiver appointed under , sub-section (1) may, for sufficient cause and on application made by the mortgagor, be removed by the Board.
(3) A vacancy in the office of the receiver may be Ailed up by the Board.
(4) Nothing in this section shall empower the .Board. t 0 g j ^ * 5 ? S 2 ^ S f 3 the mortgaged property is already in the possession of a receiver appointed by a Civil Court.
M T1+le of purchaser not to be impeached on the ground of irregularity, etc.— When P S a f t S S S S to have been made in t he P 0 W f £ g | g ^ ^ ^ ^ 15 has been confirmed under BW*w»dta» (3£ f S f g * h a d ^ S S 8 authorise the Mortgage Bank.
04 auuaintinent of sale officers.—The Lieutenant Governor may appoint a sale offtei S btlow the rank of a gazetted officer for the purpose of conducting sale> 'under this Chapter.
CHAPTER VI Miscellaneous 25 mm%mm e x e c u t e in iavour and other assets of ^ ^ J ^ ^ S S ^ S ?
& & ' to S transferred fc Siate 3aiuv.-~The mortgages executed in favour of, http://Expton.tttion.-In h&) £ na^e S S S | ^ ^ « Mortgage Bank to the State Bank.
26. Power of Board or ol Trustee k ^ ^ ^ ^ ^ j ^ ^ S ^ the sale of "the mortgaged p r t ? f ™ S J to S & gains t a defaulter ^ . S S g f f l l t f & S S K ^ W a S ' f t * Board respective.,.
W Where -ch action i s ^ g n by to TrUS,ee ^Provis iona l g g £ » - f t S l S r e S t o S l & l & f f i S S ' B * S or'E/its Committee in the said provisions were references to the Trustee-
21. Mortgagor's power to p ^ J M J t ^ ^ ^ l S S g S iuratlon Transfer of Property Act, or any « W feSJ^SsSale?to a Primary Land S o r S L S ^ n r r t h t sfate £ & & & S 5 & 2 ° o ^ e Mortgage shall in no case exceed Ave years.
,„ ti^fttHra nQt to be Questioned on insolvency oi mortgagor.—Notwithstanding i J S t e S in the Provincial Insolvency Act, 1920, a mortgage executed iLTft w°i S S £ & in S l t ^ l i a ^ ^ ^ S i a preference ever the Other creditors of the mortgagor.
^ ^ t n ^ l f w ^ t L ^ n n e T S ^ f S ^ X ^ l o n territory of Himachal Pradesh granted after the execution of the mortgage.
.» mm of m^m ̂ J^m^^^^^^^Wm S | ^ a g u is executed m favour of a Moitiage ignj lor P * f s s c t i o n s g3 of the mortgagor, the Bank may notwiths*andim.my ^ ^ a n y and 84 of the Transfer of ^fX^% S v f « § & ? o f such debt or part person to whom any such debt » due *o * g g e J § g s u c h pe r lod as may be thereof from the Bank Cat its re^eiea f ,{ t o receive such notice or such specified ^ the notice ffl - % ^ ^ & ^ f c ^ § * * 3 h a 1 1 c e a s s t 0 C a r r y claimed by him.
31. Fewer to summon witness « ^ *^f* j g ^ ^ T ^ ^ h e ^ i t t r a r such restrictions, hmitations and condtog as may be J g g g g g ^ M , t h i s and persons subordinate. ^ . ^ J ^ g g f &7SLe§ of Cooperative Banks which behalf by general or special order m *r; n f or omc_ .̂ m h a l -p r a d e s h Cooperative ore registered or cleemed ^ ^ Z ^ f f g e ^ S j ^ by notification in the Himachal Societies Act, 19ob, as the ^ « M S f S W e the same powers as are vested g££f^£^«a**$S&£^T^ "m ***a suit In respect of the following matters, namely.—
(a) enforcing the attendance of any person and examining mm on oath or affirmation;
(b) compelling the production of documents; and
(c) issuing commissions for the examination, of witnesses.
8 ^'^Vyl^irM^rr&^tby- r und- Action at produce any document then SSfsffiSi & ^ f e ^ ^ S g or'to p ^ | S (if"? aS-3885 §f IlklflK S *?*&£* i a p r o d u c e d ^ e r taking of, wd copies of ths document or 3 1 ^ fei **& o r. t o authorise the or person may consider n e X s S £ ^ d S d £ so K L f a f l ? th?rsin ^ s SU(=h officer manner as may be prescribed, be a d m S i t ila1^,shall when certified in such same, manner and to the sane exten a s t h e m»Sf% f ° V anl p U r p 0 3 e i n « S therein, as the case may be. original document o r the entries sum ^ ^ ^ ^ ^ f c f f ^ i ^ l ^ 4 ^ ^ ! ^ ^ ^ **»* any shall be punishable with fine which mav fttrnri £ ™ ° n • C1) o r sub-seetion (2) ot a continuing disobedience w i t h a ™ a d d i t i £ 5 S . ^ S w ^ * ' ^ a n d i n t h e c a s e rupees tor every day during wh ich^urhH n ^ r e v h l C i h " ^ e x t e n d *& nve for the last such disobedience. disobedience continues after conviction < * £ « S i S ? S « f f S f t 0 t h 3 t ° f a « & * * * * First Class, shall t r v anv
(c) Every offence under clause (a) <;haii fn~ +1, -nmmal Procedure (V of l ^ ^ % ^ ^ ^ g j ^ g g ^ g t h e Code of • - o c t f o n ^ f ^ f S S s t ^ w n o ^ l ^ T ^ T ^ W * ? * » « t h e * * * » party concerned an%P Po^imity To be he£d s a n c t l o n °nly after giving the ^iS^^LS^^^^ Sdia?S/t iMn* Bai*-"> not be necessary for any D ^ O T S e ^ h r J n J n ^ g l S i r a t l 0 n . A c t ' 190S- ! t shall to appear in person or by S at any ^ . k S S L ^ ^ ° f - a M°rtsage Bank m connection with the r e l a t i o n of ^2L W £ °^ ° f f iCe l n arl-v Proceeding official capacity or to sign^aTprovidS S e S ^ ^ t h a f i c f * W m i n h i S ^ P S J ^ I S S j forS°reSSiodn &*#»% «•* t o **<™ such Directors, Secretary or officer for fefc^tiW h + e t h l ? k s fit Kefe£*B being satisfied of the S A ^ ^ ^ T ^ t ^ f f ^ ^ ^ ^ '** ™ Bank has been transferred or is d l ^ r t „ ^ « Ii P e n a r y Land Mortgage have been t ransfer red" to the State B ^ n k ^ P^vision s of section 25 fc
(a) All moneys due under the mortgage shall in ,h» atom* * * specific direction to the S O l S ? i s s i f S ? i l ? B S S F S - I L f f i S?e"mortgagJ e!°Ceir l inS * * t h e " ^ W ° f t b e moTeys^'clue'under
34. Special provisions fee mortgages assented by S&aa&Bss of Toi^ sw«i« famiiv •—Wnprp ti Tinrfud™ ^-,-m«..i J • J- ** - ^ i ^ s w a ox joint Hindu in qS.Horf on t S S n d ! £ ? « ™ f a V O m ' ( ° l ,? Mortgage Bank is ended c w t a o a i l the c S n a g f r f , " J ' J S , ^ ^ i 1 , ' ' 6 ' *"• a " e r s ™ governed by the reversioners and fhV oremlirs i ' l S o ? i S t t l ™ * ! n o t A i n d t o * o n - fears s^TcS«rc?^4SAs,rs r<£a %,?il°™
36. Service QS notice imder tha \ct wv Act notice is required to be given to any vev^nZ S r t h t Provisions of this to send such notice by registered post. P m w r i t l n & # shall be sufficient
37. Officers of Land Mortgage Basks an-i « a i „ n « > fl* * E " * t a °£- m o v a b I e « Movable SBSV S P S S & ^ M d a t S e this Act m order to recover m? m o n e / due to 5 I S *£e , Provisions of Secretary or other officer of such B f f f c f * ft*^! B a n k > n « Director he is Director or Secretary or Officer) a n V ? ^ ^ ^ ^ e h a I f ot t h e B a n k of w 3 any duty to perform in connexion with such s S ^ l °n o t h e J P ^ s o n n l y ^ g indirectly, bid for or acquire o r a t t e n u a t e acquire S y S S L ^ * * P i r e c t I y 8 j 38. Delegation of certain powers by B o a 4 T L p f * ^ P " * * 1 * ^ delegate all or any of its powers under ^ S ^ W ^ S i S ^ A ? tt t h i n k s fit' committee constituted by it and consisting of two J%SL ? ^ 6 t o a n e 3 feeutive
39. Power tf Govemmeni to make * l m S , ^ s members .
make rules to carry out the purposes of this Act L i e u t e n a n t Governor may
(2) In par t icular and without prejudice to the -eneral i tv *f n , * power, such rules may provide for: generality OA ihe foregoing
(i) the manner of effecting distraint;
(ii) the custody, preservation and the sale of distrained p r o p e r t y ^ t h L y n S r ^ e ? S S t n f d S n e / r ^ $g* the L a u U e r s , * ment 1 the sale' J ^ y R B S ^ H ^ * * * * P ° 3 t p 0 n e - ( IV) immediate sale of perishable articles;
(v) the due proclamation and the conduct of same'
(vi) the recovery of the expenses of the proclamation sale;
(vii) the deposit of the purchase money;
(viii) the resale of the property, if the purchase money is not deposited S 3 " 3 3 i H ^ ^ J f S l ^ g L 1 3 ^ regulations not inconsistent with
(a) for the Inspection of tha account bnrk« -m/i ^™ „ J - , ~ Land Mortgage Banks; d P r o c e e d m g s of P r imary fb) for the submission of re turns and r e n o r ^ hv Pri»,«», t • , , Banks in respect of their tonsactfonj V P e n a r y Land Mortgage (cj for the periodical settlement of accounts between Pr imarv T **A Mortgage Banks and the State Bank and for the n a v ^ n ! J^T amounts recovered by Pr imary Land Mort^aae B-Tni« ^ °/ t h e t ransferred to the State Bank; ^-Qit^age Banks on mortgages
(d) prescribing ihe form in which applications to P r imary Land M o r t e n Banks lor loans should be made and for the v S i o ? 5 S r t S perties offered as security for such loans; D °
(e) for the investment of moneys realised from the mortgagors- and
(f) generally for the purpose of safeguarding the interests of the parties concerned and for carrying out the purposes of this Act p a m e 3
41. Pr imary Land Mortgage Banks,—The provisions of sect ion a '? 19 v? 14 15 16 17 18 i s 20, 22, 23, M % 31, 34, 35, 36 ° a n d 3 7 ' S a n p l y S ^ a £ S S h E e ? S P n m a r y L a n d M o r t S a g e Banks established for the purposes of [No. F. 4/10/CO-Judl.II U T L 30.]
K. R. PRABHU, Dy. Secy, GIPND—DMH-334 Moi HA—;.1O-I-.6I--.::.•;-•.
•It