The Meghalaya Credit Operation and Miscellaneous Provisions Act, 1976 (Act 10 of 1976)
State Act of Meghalaya · Act 10 of 197625 provisions
The enactment
| Long title | An Act to make provisions to facilitate adequate flow of credit for agricultural production and development through Banks and other institutional credit agencies and for matters connected therewith and incidental thereto. |
|---|---|
| Type | Act |
| Citation | Act 10 of 1976 |
| Year | 1976 |
| Jurisdiction | State of Meghalaya |
| Ministry | Meghalaya Law Department |
| Status | In force as published by the source |
| Provisions published | 25 |
Full text, provision by provision
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- Section 1 Short title, extent and commencement
- Section 2 Definitions
- Section 3 Removal of restrictions on alienation.
- Section 4 Charge on crops and other movable property created in favour of a bank.
- Section 5 Creation of charges on land in favour of a bank by declaration.
- Section 6 Priority of mortgages and charges.
- Section 7 Registration of charge and mortgage in favour of banks.
- Section 8 Noting of charge or mortgage created in favour of a bank in the Record of Rights.
- Section 9 Restrictions on creation tenancy by an agriculturist borrower.
- Section 10 Recovery of dues of a bank through a prescribed Authority.
- Section 11 Rights of a bank to acquire and dispose of immovable property
- Section 12 Exemption to banks from restrictions on acquisition of land in excess of ceiling.
- Section 13 Bank eligible to become member of a Co-operative Society.
- Section 14 Power of Co-operative Societies to borrow from banks.
- Section 15 Inspection of books of a Co-operative Society by a Bank
- Section 16 Disputes between a bank and a Co-operative Society
- Section 17 Settlement of dispute
- Section 18 Procedure for hearing of disputes.
- Section 19 Decision of Registrar or his nominee or Board of nominees.
- Section 20 Recovery of money awarded.
- Section 21 Power of a bank to proceed against defaulting members of a Co-operative Society.
- Section 22 Audit, inspection and inquiry reports of Societies to be available to banks.
- Section 23 Exemption from legislation relating to money lending and agriculturists’ debt relief
- Section 24 Extension to other developmental purposes.
- Section 25 Power of State Government to make rules.
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