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Section 16: Registration of charge/mortgage in favour of bank

The Meghalaya Credit Operation and Miscellaneous Provisions Rules, 1979.State Rules of Meghalaya · 1976

(1) A copy of the declaration creating a charge or variation of the declaration or a copy of the mortgage executed in favour of the bank referred to in Section 5 of the Act shall not be a carbon copy but shall be neatly hand-written, printed or type-written or be a cyclostyled copy of type-written matter on only one side of the paper.

(2) Such copy of document shall contain the following particulars, namely:-

(a) the number of stamps and their value;

(b) a copy of the endorsement made by the stamps vendor or the treasury on the back of such stamps; and

(c) the date of execution and the names and addresses of the witnesses.

(3) Such copy, complying with the requirements mentioned above and duly certified to be a true copy by an employee authorised by the bank in this behalf, shall be sent by the bank to the Sub- Registrar concerned by registered post acknowledgement due within a period of thirty days from the date of execution of the document.

(4) The Sub-Registrar receiving the copy of the document referred to in sub-rule (3) shall send the acknowledgement within fifteen days from the date of its receipt.

Where this provision sits

ActThe Meghalaya Credit Operation and Miscellaneous Provisions Rules, 1979.
Section16
Marginal noteRegistration of charge/mortgage in favour of bank
JurisdictionState of Meghalaya
StatusIn force as published by the source

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