(a) The procedure prescribed in Rule 38 for sale without attachment of immoveable property shall, to the extent necessary, be applicable to a sale of mortgaged property under Section 89.
(b)The provision of Rule 42 shall also apply to such sales.
1[Chapter IX-A 2[Primary Agriculture and Rural Development Bank] 49-A. Procedure for submission and consideration of applications for loans from 3[Primary Agriculture and Rural Development banks].- (1) All applications for loans from a Primary Agriculture and Rural Development Bank shall be made in the form prescribed by the 5[State Agriculture and Rural Development Bank.] The form shall among 99 other things contain a list of documents which are required to be submitted for purposes of dealing with the application.
(2) Every 6[Primary Agriculture and Rural Development Bank] shall keep sufficient stock of printed copies of the forms of loan applications and shall supply them to the intending borrower on payment of such fees as may be specified, from time to time by the 7[State Agricultural and Rural Development Bank.]
(3) Every 8[Primary Agricultural and Rural Development Bank] shall specify, from time to time, the name, designation and address of the officer
1. Chapter IX-A and Rules 49-A to 49-D inserted by GSR 563, dated 23-6-1965, w.e.f.26-6-
1965.
2. Substituted for the expression “Land Development Bank” by GSR 85, dated 28-3-1987.
3. Substituted for the expression “Land Development Banks” by GSR 85, dated 28-3-1987.
4. Substituted for the expression “Land Development Bank” by GSR 85, dated 28-3-1987.
5. Substituted for the expression “State Land Development Bank” by GSR 85, dated 28-3-1987.
6. Substituted for the expression “Land Development Bank” by GSR 85, dated 28-3-1987.
7. Substituted for the words “State Development Bank” by Notification No. CO 223 CLM 2006, dated 29-11-2007, w.e.f.29-11-2007.
8. Substituted for the expression “Land Development Bank” by GSR 85, dated 28-3-1987.
(hereinafter in this Chapter referred to as "the receiving officer"), who shall receive all loans applications from the intending borrowers.
(4) The application together with copies of necessary documents and the amount of all fees specified by the 1[State Agriculture and Rural Development Bank] with the approval of the Registrar and deposit equivalent to the value of one share of the Bank shall be submitted by the applicant to the Receiving Officer.
(5) On receipt of an application for loan, the Receiving Officer shall affix his initials on the application and mention his designation and the date of receipt of the application.
(6) After an application for loan has been received, the Receiving Officer shall verify whether it contains all the necessary particulars and is accompanied by the necessary documents. If any details are lacking, he shall get the application completed by the applicant.
(7) Each application shall be entered in the chronological order in the register of applications for loans from the Primary Agriculture and Rural Development Bank to be maintained by the Receiving Officer and shall be dealt with in the same order.
(8) For purposes of Section 82-B, the prescribed officer shall be, 3[x x x x x] the Assistant Registrar of Co-operative Societies.
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(9) (i) Immediately after the application is entered in the register of applications for loans from the 4[Primary Agriculture and Rural Development Bank], the Receiving Officer shall give at least eight days public notice in Form IV calling upon all persons interested to present their objections to the grant of the loan, applied for. The notice shall also be affixed at the chavadi of the village or villages where the applicant resides and in the limits of which the land or lands proposed to be improved or offered, as security for the loan is or are situated. A copy of the notice shall be exhibited in the head office and relevant branch office, if any, of the 5[Primary Agriculture and Rural Development Bank] concerned and in the office, if any, of the person giving the notice.
1. Substituted for the expression “State Land Development Bank” by GSR 85, dated 28-3-1987.
2. Substituted for the expression “Land Development Banks” by GSR 85, dated 28-3-1987.
3. Two words commas “in the case of applications for loans not exceeding ten thousand rupees, the Co-operative Extension Officer; and in the case of applications for loans exceeding ten thousand rupees” omitted by Notification No. CO 223 CLM 2006, dated 29-11-2007, w.e.f.29-11-2007.
4. Substituted for the expression “Land Development Bank” by GSR 85, dated 28-3-1987.
5. Substituted for the expression “Land Development Bank” by GSR 85, dated 28-3-1987.
(ii) If any person interested fails to appear as required by the aforesaid notice, the questions at issue shall be decided in his absence and such person shall have no claim whatsoever against the property for which the loan applied for will be sanctioned till such time as the loan together with interest thereon or any other dues arising out of the loan are paid in full by the loanee.
(10) The prescribed Officer shall after making an order under sub-section (2) of Section 82- B, forward the applications within two days of their disposal to the Primary Agriculture and Rural Development Bank concerned. The 1[Primary Agriculture and Rural Development Bank] may appoint any enquiry Officer (hereinafter in this Chapter referred to as "the Enquiry Officer") to enquire into the applications. The Enquiry Officer shall make inquiry by actually visiting the land in which the improvement is proposed to be effected and the lands and other property offered as security. He shall, after such inquiry, forward a report in the form prescribed by a regulation made by the 3[State Agriculture and Rural Development Bank.]
(11) The enquiry Officer may make such other enquiries as may be necessary and shall value the lands according to such formula as may be laid down by the 4[State Agriculture and Rural Development Bank], with the approval of the Registrar, from time to time, estimate the repaying capacity of the applicant and examine the feasibility and utility of the proposed improvement. He shall then submit his report stating what amount of loan may be granted to the applicant against what security and for what purpose and the period within which it may be recovered from him.
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(12) After completion of the enquiry, the application together with his reports shall be submitted by the enquiry Officer to the 5[Primary Agriculture and Rural Development Bank] together with the Certificate regarding outstanding Government dues and the certificates specified by the 6[State Agriculture and Rural Development Bank.]
(13) On receipt of the report of the Enquiry Officer under sub-rule (12), the 7[Primary Agriculture and Rural Development Bank] shall satisfy itself that the inquiry has been properly conducted. If there are any deficiencies, the Bank shall get them completed immediately.
1. Substituted for the expression “Land Development Bank” by GSR 85, dated 28-3-1987.
2. Substituted for the expression “Land Development Bank” by GSR 85, dated 28-3-1987.
3. Substituted for the expression “State Land Development Bank” by GSR 85, dated 28-3-1987.
4. Substituted for the expression “State Land Development Bank” by GSR 85, dated 28-3-1987.
5. Substituted for the expression “Land Development Bank” by GSR 85, dated 28-3-1987.
6. Substituted for the expression “State Land Development Bank” by GSR 85, dated 28-3-1987.
7. Substituted for the expression “Land Development Bank” by GSR 85, dated 28-3-1987.
(14) The 1[Primary Agriculture and Rural Development Bank] may then undertake further scrutiny as may be necessary and pass final orders.
(15) In the case of rejection of applications for loans, the reasons therefore shall be communicated by the Bank to the applicant. When the loan has been sanctioned, the Bank shall lay down the terms and conditions regarding grant of the loan, regarding payment of installments, submission of report on the progress of improvement of land and release of subsequent installments. The applicant shall be required to be present at the head office or branch office of the Bank on a date to be fixed for execution of the mortgage deed and for receiving the amount of loan or the first installment thereof.
(16) The applicant, while receiving the amount of the loan or the first installment of the loan, shall purchase shares of the Bank to such extent as may be required under the bye-laws of the Bank. 2[The Primary Agriculture and Rural Development Bank] shall issue receipt to the applicant giving full particulars of the amount paid by him from time to time.
49-B. Registration of mortgage or lease under Section 85-A.- Copies of instruments referred to in Section 85-A, duly certified by the Secretary of the 3[Primary Agriculture and Rural Development Bank] shall be sent by the 4[Primary Agriculture and Rural Development Bank] to the Registering Officer concerned within a period of three months from the date of execution of the instruments by registered post or by delivery in person.
49-C. Submission of report for confirmation of sale under Section 89-A.- (1) The report referred to in sub-sections (1) and (2) of Sections 89-A, shall contain, amongst other details, the following particulars.-
(a) a brief account of the circumstances which rendered the sale necessary;
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(b) full details showing how the provisions of sub-section (2) of Section 89 have been complied with;
(c) full details showing how the procedure for holding the sale of immovable property has been followed;
(d) name of the Sale Officer;
(e) place of sale;
(f) date of sale;
(g) description of property sold;
1. Substituted for the expression “Land Development Bank” by GSR 85, dated 28-3-1987.
2. Substituted for the expression “Land Development Bank” by GSR 85, dated 28-3-1987.
3. Substituted for the expression “Land Development Bank” by GSR 85, dated 28-3-1987.
4. Substituted for the expression “Land Development Bank” by GSR 85, dated 28-3-1987.
(h) name of purchaser and his address;
(i) value realized;
(j) cost of sale; and
(k) date of receipt of purchase money from the purchaser.
(2) The 1[State Agriculture and Rural Development Bank] or the Registrar may call for any clarification deemed necessary from the 2[Primary Agriculture and Rural Development Bank] and satisfy itself or himself that the sale has properly been conducted and the 3[Primary Agriculture and Rural Development Bank] shall furnish the same forthwith. The Registrar may call for any clarification from the State Agriculture and Rural Development Bank for the same purpose and such clarification shall be furnished forthwith by the 5[State Agriculture and Rural Development Bank.]
49-D. Certificate of purchase.- The certificate to be granted by 6[Primary Agriculture and Rural Development Bank] under sub-section (1) of Section 89-C shall be in Form V.]
7[CHAPTER IX-B Co-operative Appellate Tribunal x x x x x 49-E.Sittings of the Tribunal. - x x x x x 103 49-F. Office hours and holidays.- x x x x x.]
CHAPTER X Miscellaneous