(1) It shall be competent for the State Governmeni? to conetibube one or more Guarantee Funds on such terms and conditions as ii; may deem fit, for the purpose of meeting losses that might arise as a. result of loana being made by the Land Development Banks on tibiae “be immovable property subsequently found to be defective or for any other purposes under this Chapter, for which in the opinion of the Stem Government, it) is necessary to provide for or create a. separate Guarantee Fund.
(2) The State Land Development Bank and the Land Development Beaks shell contribute be such funds at such rate as may be prescribed, mad the constitution, maintenance and utilisation of such Funds shall be governed by such rules, as may be made by the State Government in this behalf.
142. It shall be competent for the Registrar to permit any cou Oyemtive bank to function as a. Land Development Bank under such terms and conditions and for such period as he may deem fit.
143. The provisions of sections 102 and 103 of the Transfer of Property Act, 1882, end of any rules made under section 104 thereof, shall apply, so far as may he, in respect of all notices to be served under this Chayber, 59 Collector to make recovea ties during a ceytain porind.
Officers of Banks not to bid at sales.
Any law not to apply to alienation in favour of Land Developmeut Banks.
Provision for Guarantee Funds to meet certain losses.
Registrar’s powers to permit any co-opemtive bank to fume:
tion as a. Land Development Bank.
Service of name, z15 Power of Board of State Land Development Bank to anpervise Land Development Banks and make reguie= tions;
Use of the word ”Cooperative’ ’.
Ofienees;
144. The Board of the State Land Development Bank shall have a general pOWer of supervision over Land Development Banks and may, with the previous sanction of the State Government, make regulations, not inconsistent with this Act or the rules made thereunder, for 9.11 or any of the following matters, namelyfl
(a) for the inspection of the account books and proceedings of the Land Development Banks ;
(b) for the submieeion of returns and reports by such banks in respect of their transactions ;
(c) for the periedica‘i eettlement of accounts between such banks and the State Land Development Bank being accounts relating to the payment of the amounts recovered by such banks on nmrtgages tmnsfeyred to the State Land Development Bank ;
(d) for the form in which applications to such banks for loans shall be made and for the valuation of properties offered as security for such loans ;
(e) for the investment of moneys realised from the mortgagor: ;
(f) the conditions of service of employees of such benks ;
(g) the programme and policy to be followed by such banks for making loans ;
5h) the types and extent of security to be obtained by such banks for advancing loans ;
ii"; generally, to: the ?urpose of safeguarding the interest of the parties, farthemnee of activities of such banks, and carrying out the yurpeses of this Chapter.
(‘BHAP'E‘EE XI}, OFFENCES AND ?ENALTIES