The Kerala Co-operative Land Mortgage Banks Act, 1960 (President's Act No.1 of 1960)
State Act of Kerala · Act 1 of 196032 provisions
The enactment
| Type | Act |
|---|---|
| Citation | Act 1 of 1960 |
| Year | 1960 |
| Jurisdiction | State of Kerala |
| Status | In force as published by the source |
| Provisions published | 32 |
| Subjects | constitutional, financial, property |
Full text, provision by provision
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- Section 1 Short title, extent and commencement
- Section 2 Definitions
- Section 3 Admiss10n of land mortgage banks regzstered under the Madras Co-operative Soczettes Act, 1!132, as members of the CenLral Murtgage Bank
- Section 4 Issue of debentures by the Board
- Section 6 Gu11rantte by Government on principal of and interest on debentures issued under section 4
- Section 7 Power of Board to make regulation.s
- Section 8 Distraint when to be made
- Section 9 Distraint how to be e.frected
- Section 10 Sale of property distrained
- Section 11 Power of Government to make rules
- Section 12 Power of sale when to be exercised
- Section 14 Application to set aside sale on deposit and confirmation of sale in default or on dismissal of such appLication
- Section 15 Distribution of sale p1·oceeds
- Section 16 Certificate to purchaser
- Section 18 1Right of- Central Mortgage 'Bank •01' primary mortgage bank to purchase the mortgaged property ·rt sa1e
- Section 20 Title of,purchaser not to be tmpeached on the ground of irregularity etc
- Section 21 Appointment of sale of]ice1·
- Section 23 Mortgages ezecuted in favour of mortgage bank, etc .. to stand vested in Central. Mortgage Bunk
- Section 25 Power of Board or of Trustee to dtrect distraint and sale of produce and the sale of mortgaged property, etc
- Section 26 Bank's right to tmprovements effected by lessee
- Section 27 Mortgage not to be questioned on insolvency of mortga gor
- Section 28 Priority of mortgage over ceTtain claims of the Govern ment
- Section 30 PoweT to summon witnesses and requisition docu ments
- Section 31 Regtatratwn ofdocwnents e~ecuted on behalf, of the · Cen· tral Mortgage Bank or'of a p1 imary mortgage bank
- Section 33 Special provtswns fo1· mortgages, executed by managers of join~ ·Hmdu fam.zltes, karrr.navans oj -Mmumakkothc.yam Ta1·wads·or Tavazhts or of Nambudtrt llloms, etc
- Section 35 Proof of documents or entries in documents
- Section 36 Chapters III and IV to apply to loans advanced by mort gage banks from funds not boTTowed from the Central Mortgage Bank
- Section 37 Service of nottce under. the Act
- Section 39 Officers of the Bank not to bid at sa.les
- Section 41 Starttng of branch banks
- Section 42 Powers of Board to make regulations
- Section 44 Repeals
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