(1) This Regulation may be called the Laccadive, Minicoy and Amindivi Islands (Debt Conciliation and Grant of Loans) Regulation,
1964.
(2) It extends to the whole of the Union territory of the Laccadive, Minicoy and Amindivi Islands.
(3) If shall come into force on such date as the Administrator may, by notification in the Official Gazette, appoint.
Short title, extent and commencement.
2. In this Regulation, unless the context otherwise requires,—
(a) "Administrator" means the Administrator of the Union territory of the Laccadive, Minicoy and Amindivi Islands;
(b) "debt" means all liabilities owing to a creditor immediately before the commencement of this Regulation, in cash or Definitions.
(283) 284 THE GAZETTE OF INDIA EXTRAORDINARY [PART II in kind, secured or unsecured, whether payable under a decree or order of a civil court or otherwise, and whether mature or not.
and includes any such liability arising under an agreement, whether oral or written,—
(i) whereby specified number of coconut trees belonging to the debtor are put in possession of the creditor for a specified period, giving the latter the right to enjoy their usufruct at an agreed rate in terms of money per tree per year so put in possession in lieu of interest or principal or both; or (It) whereby certain quantity of dried copra or raw coconuts are agreed to be delivered during the subsistence of the debt by the debtor to the creditor a'f regular intervals and at an agreed specified rate in lieu of interest or principal or both; or
(iii) whereby specified number of coconut trees belonging to the debtor are put in possession of the creditor in consideration of the loan advanced with a condition, express or implied, that during the subsistence of the debt the creditor shall be entitled to appropriate the usufruct from such trees in lieu of interest or principal or both;
but does not include—
(i) arrears of wages; or
(ii) land revenue or anything recoverable as an arrear of land revenue; or
(lit) any debt due to a co-operative bank or co-operative society or to any banking company as defined in the Banking Companies Act, 1949; or
(it)) any money for the recovery of which a suit is barred by limitation;
(c) "debtor" means an inhabitant of the Union territory of the Laccadive, Minicoy and Amindivi Islands who was, and both of whose parents were, born in those islands, and whose debt exceeds five rupees;
(d) "prescribed" means proscribed by rules made under this Regulation;
(e) "secured debt" includes mortgage debt or any debt for which there is security, lien or charge on immovable property created by deed, statute or otherwise.
3. The Administrator may, by notification in the Official Gazette, establish for nny area specified therein, a tribunal consisting of a sole member who rhall be an officrt not below the rank of tahsildar having jurisdiction over that OT<YI.
EHtabllshment of tribunals.
10 of 1949.
iSfcc. lj THE GAZETTE OF INDIA EXTRAORDINARY 285