(1) Notwithstanding anything contained in any law for the time being in force mortgages executed after the commencement of this Act by the manager of a joint Hindu family in favour of a bank for securing financial assistance shall be binding on every member of such joint Hindu family.
(2) Where a mortgage executed in favour of a bank is called in question on the ground chat it was executed by the manager of joint Hindu family for a purpose not binding on the members (whether such members have attained majority or not) thereof, the burden of proving the same shall lie on the party alleging it.
25. Section 8 of the Hindu Minority and Guardianship Act, 1956, shall apply to mortgages in favour of a bank, subject to the modification that reference to the Court therein shall be construed as reference to the Collector or his nominee, and the appeal against the order of the Collector or his nominee shall lie to the State Government.
26. Notwithstanding anything contained in the provincial Insolvency Act, 1920, or any corresponding law for the time being force, a mortgage executed in favour of a bank shall not be called in question in any insolvency proceed- ings on the ground that it was not executed in good faith for valuable con- sideration or on the ground that it was executed in order to give the bank a preference over other creditors of the mortgagor.
Recovery of money awarded.
Power of bank to proceed against defaulting members of a cooperative society.
Audit inquiry and inspection report of societies to be made available to banks.
Exemption- from legislag tions relatin to money lending and relief of agricultural indet bedness.
Bom. XXXI
1947.
Mortgage executed by managers of joint Hindu families.
Modified application of section 8 of Act XXXII of 1956.
XXXII of
1956.
Mortgages not to be questioned on insolvency of mortgagors.
V of 1920 The Gujarat Agricultural Credit (Provision of Facilities) Act, 1979.
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