Section 19: Power of sale of property charged without intervention of court

(1) Notwithstanding anything contained in the Kera:Ia Co­ operative Societies Act, 1969 (21 of 1969), or the Transfer of Property Act, 1882 (Central Act 4 of 1882), or in any other·Jaw for the time being in force, where a Gehan or mortgage or hypothe­ cation has been created or executed in movable or · immovable property m accordance with the provisions of sub-section (1) of section 10 in favour of the Agricultural Development Bank or a primary Bank, the Board or comr.-:~ttee of such bank or any person authorised by the Board or such committee shall, in case of def~ult in the payment of sums due to the bank, have power, in addition to any other remedy available to the primary bank to bring to sale the property to which the Gehan or mortgage or hypothecation relates w1thout intervention of the court.

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(2) No such power shall be exercised unless and unt:il-

(a) the Board or the committee has previously authorised such sale m the exercise of the powc1· of sale confen ed on It by sub-sect1on ( 1) ; ·

(b) regt.stered notice requmng payment of sums due to the pnrnary bank, or any part thereof, has been serve(\ ~pon-

(i) th~ person creati11g or f:xecutmg the Ge11an or mort­ gage or hypothecation;

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(Ii) any person who has any mterest or charge upon the property to which the Gehan or mortgage or hypothec.:~.tlon relates or any other right to redeem the same, 1

(iii) any surety for the payment of the sum!:> due to the primary bank or any part thereof; and (Iv) any creditor· of the person creating 01 executing the Gehan or mortgage, who has, m a smt for the adnumstrat10n of his estate, obtamed a decree tor sale of the property to Which the Gehan or mortgage or hypothecatiOn relates; and . .

(c) there has been default m payment of such sums due to the prtmary bank for a penod of two months aiter serviCe of the notice reterred to m clause (b) - .

Provided that the obhgatwn to gtve: such notice to the persons mentioned m sub-clauses {11) and llv) shaJl be cohfined to cases where the Board or the committee has notice of such ciaims.