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Section 37: Power of Pnmary Bank to recewe mont;y and grant valid dischwrges

The Kerala State Co-operative Agricultural Development Banks Act, 1984 (Act 20 of 1984)State Act of Kerala · Act 20 of 1984

Notw1thstandmg that a Gehan created or mortgage or hypoth~cat10n executed m favour of a pnmary bank has been transferred, or 1s deemed under the proV1s10ns of sectiOn 13, to have been transferred, to the Agricultural Development Bank-

(a) all moneys due under the Gehan or rnurtgages ot hypothecatiOn shall, m the absence of any specific dmxtJon to the contrary issued by the Board or the Trustee and commumcated to the person who created the Gehan or executed the murtgage or > hypothecation, be payable to the pnmary bank and such payment · 4 sliall be as valid as If the Gehan or mortgage or hypothecation had not been so transferred; and - J .- .

(b) the pr1mary bank shall, m the absence vf any specific direction to the contrary issued by the Board or the Trustee and communicated to the primary bank, be entitled to sue on the Gehan , or mortgage or hypothecatiOn or take any other proceedings for the recovery of the moneys due under the Gehan or mortgage, or hypothecation.

I '

38. Proof of documents or entries in documents -The Agrl· cultural Development Bank or any pnmary bank may grant copies of any document obtained and kept by 1t m the course of Its business or of any entries in such documents; and any copy so granted shall, when certified in such manner as may be prescribed, be admissible in evidence for any purpose in the same manner and to the same extent as the original document or the entr1es therem, as the case may be.

Where this provision sits

ActThe Kerala State Co-operative Agricultural Development Banks Act, 1984 (Act 20 of 1984)
Section37
Marginal notePower of Pnmary Bank to recewe mont;y and grant valid dischwrges
JurisdictionState of Kerala
StatusIn force as published by the source

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