Notwithstanding that a Gehan created or mortgage or hypothecation executed in favour of the Agriculture and Rural Development Bank has been transferred, or is deemed under the provisions of section 38, to have been transferred, to the Agriculture and Rural Development Bank,-
(a) all moneys due under the gehan or mortgage or hypothecation shall, in the absence of any specific direction, to the contrary issued by the Board or the trustees and communicated to the person who created the gehan or executed the mortgage or hypothecation, be payable to the Agriculture and Rural Development Bank and such payment shall be as valid as if the gehan or mortgage or hypothecation had not been so transferred; and
(b) the Agriculture and Rural Development Bank shall, in the absence of any specific direction to the contrary issued by the Board or the trustees and communicated to the Agriculture and Rural Development Bank be entitled to sue on the Gehan or mortgage or hypothecation or take any other proceeding for the
1. Substituted for the words "Land Development Bank" vide H.P. Act No 16 of 1987, effective from 16th November, 1987.
2. Substituted for the words "Land Development Bank" vide H.P. Act No. 16 of 1987, effective from 16th November, 1987.
3. Substituted for the words "Land Development Bank" vide H.P. Act No. 16 of 1987, effective from 16th November, 1987.
4. Substituted for the words "Land Development Bank" vide H.P. Act No. 16 of 1987, effective from 16th November, 1987.
5. Substituted for the words "Land Development Bank" vide H.P. Act No. 16 of 1987, effective from 16th November, 1987.
6. Sections 21 and 22 substituted vide H.P. Act No 16 of 1987, effective from 16th November, 1987.
THE HIMACHAL PRADESH CO-OPERATIVE AGRICULTURE AND RURAL 19 DEVELOPMENT BANKS ACT, 1979 recovery of the moneys due under the gehan or mortgage or hypothecation.