(1) The Board or thc Tru<tee may direct the committee of a '[primary Inr~d development bank] to Board or of Trustee to take action against a defiiulte~. v~lder scction 9, section direct 13 or sc:tio~\ %and if tlxc committee neglects or fails distralnt and do 50, the Board ' 0 1 . t l ~ c Trl~si~cc rnay take such sale of produce and ncticn.
the sale of mortgaged (2) (a) Wltcre sucl\ actlion i s takcn by the Board, property, t,\le provisions of this Act and of any rules or rcgulacto. t~ions made tjhereunder shall apply in respect t~hcreto as if all references to tl\\c '[primary land developmcnt~ bank] and tto it4s commi~tlec in the said provisions t\ ere references to tll1e ?[Stlatle Land Developn~e~~t~ Bank] and t~he Board respect ivcly.
(b) Where such act ion is laken by the Trustee, the provis'ons of this Acl* and of any r~ilcs or regulations made thereunder shall apply in respectl thereto as if ----- - - 1 This expression was substituted for the cxprasion " mortgage bank " by section 4 of the Tamil Nadu Co-operative Land Mortgage Banks (Ammdment) Act, 1969 (Tamil Nadu Act 14 of 1969).
8 This expression was suhstitutcd for the expression "Centrdl Mortgage Bank" by ibid.
*... ,.*.. &...
- ~ ~ u ~ . ~ w ~ w . . L ~ L L . -*,,db.*+IYYPW- ..&' ..--. .'.
1934: T.N. Act XI Co-oPeratrve ~ a r l d 433 Development Baltks I /' all references t o the '[primary land development bank] or to itvs committee in the said provisions were references to the Tri~stee.
Central 26. Notwithstanding anything contained in the r;:;:f$fs k t I V Transfer of Property Act, 1882, the duration of any I lease executed by a mortgagor of property mortgaged to a '[primary land development bank] after tile execu- I tion of the mortgage shall in no case exceed five years. I
27. Notwithstanding anything contained in the Mortgaee Central P~esidcncy Town4 insolvency Act, 1969, or the Pro- not to be vincinl Ia~olvency Act, 1920, a mortgage executed in :'eg$-ed central ravour of a '[primnry land development bank] shall 01.
Act" I I O ~ be called in cluestion on the ground that it was niortgaeor.
of 1920' not c ~ c ' c ~ ~ t c d in good faith for valuable consideratton ~r on the groiu~d that i t was executed in o r d e ~ to give tile '[primary land devclopnicnt bank] a pretere~~ce over r l ~ c other cred~to~,\ of thc niortFagor.
28. '1(1)1 A rnortgngc e \ c ~ u f e d in favour of a 2[Prio~ity o r 'rpt iniary Innd de\clnpmcnt brink I nftcr the comtiicnce- mortgage o\ cr other n:ent ol' 111:\ Act \I1311 II;I>.c l>tio~ity over itny clattn cI.tirn\ I OS tllc (;OVCI.IIIIICIII arising fro111 ;1 loan ititdcr ~ I I C . n r l , LntlLl Imp! o\enlc.~i Loans Ac!, 1 883. rrni\tccl aftcr ,A,G~ XLX thc c\i-culion c.1 (lit 11io1 t?,lpc..
'[(3) W ~ t l i o ~ ~ t l>rcj~i(l*c.c l o thc piwvi\~ons ol' CLII>-\CL. l t ) l l ( I ) . ,11l<I : I ( I I \ \ ' ! ~ I ~ \ ~ : ~ I ~ c I I I I P iltt).1I1111~ COII - tllincd I I I tllc 4lTa111ll N ~ c l 1 1 l CO-OI>CI-;LCI\CSOCIC~~C\ Act.
1961 ( 4 1 r ; ~ ~ n i l N'tdr~ I Act 5.3 o f 196 I ) ot 111 arty other Inw for the tttne being in fo~.cc, :i ~iiortgagc cxccuted - 1 c\pres\lon u.t\ aub~titu~cd for he cxprc\sion "mol tg ~ g c bdllk h\ \ C C ~ I I ~ I I 4 0 1 I ~ I C T , I I I ~ I ~ V ~ d u Co-opc~~.cl!\c i . ~ n d Morrg.lge H31ih\ (~\rnend~iienr) Act. 1000 (7',lrnil Nadu Act 14 of 196')) Scc.11011 28 ren~l~libereil .IS aub-wction ( 1 ) or t l~n t xct ion and 1111. ~n.irginal he.ld~ng \\.ah \~ th~t~t t t tcc l by r e ~ l l o n 3 (a) of the 'r,rn~il N$~tlit C'o-oper,lti\ J I and hlnrtg.\gc H,~nk\ (Amendment) Act, 1968 ( T,tni~l Nadu Act 17 01' 11)6S) 8 Tlu, \tth.scct~on \\,I\ i~ddaci by \cctiotl 3 (h), rhrd .
4 Tllc,a words were \tibsliti~ted A)r the word " Madras" by the Tan~l l N.idu Adapt;ttion of Law\ Order, 10hl), a\ .~nicnded by the TaniiI N,~du Adaptntion of Laws (Seoond Amendment) Order, 1969, I 1 .+aiuJ*Wurr " . -&w*. .* .*L-uII&.(I-~ -. . ,..nr..ll-*U ' - - - I 444 ao-operative Jund 11934: T.N. Act X Development Banks in favour of a '[primary land development bank] after the 4th day of July 1968, shall, subject to the claim of the Government in respect of land revenue, have priority over all other claims against the property secured by such mortgage.]
verificatioo of *[28.-A. A a[primary land development bank] shall, .ncumbrancos. before advancing any loan on the security of any immovable property, verify encumbrances, if any, for a pzriod of thirteen years immediately preceding the date of advance of such loan affecting such immovable property.]
ltigkt .f ;primary
29. Where a mortgage is executed in favour of ;sddwe- a '[primary land development bank] for payment of ~pmcnt prior debts of the mortgagor, the bank may, notwith- '* standing the provisions of sections 83 and 84 of the i;ier debts I molt- Transfer of Property Act, 1882, by notice in writing Ceatral
300F. require any person to whom any such debt is due to A G ~ IV receive payment of such debt or part thereof from of 1 ~ 3 7 .
the bank '[at its registered office] within such period as [nay be specilicd in the notice. If any such person fails to rcccivc such notice or such payment, sucl~ debt or part thcreof, as the case 'may be, shall cease to carry interest frnni thc expiration of tltc period specified in the nolicc :
Provided that whcrc tlterc is a dispute as regards the amount of any such debt, t l ~ c person to wlto~n such debt is due shall bc bound to receive payment of the .- - - - - - - - - -- - - - 1 This axpression w ~ \ \~~hstituted fol* the cxprcsion " mortgage bank" by section 4 of tllr r'lmil Nndu ('0-operative Land Mortgage Banks (Amendment) Act, 1969 (Tamil Nndu Act {4 of 1969).
1 This section waq inwrted by section 4 of the Tamil Nadu Cooperative Land Mortgage Banks (Amondment) Act, 1968 (Tamil Nadu Act 17 of 1'968).
The words within square bracket9 were inscrtedby soction 2 of the Madras Co-oparativa Land Mortgage Banks (Amondment) ~ c t , 1935 (Madras Act XVIt or 1935).
1934: T.N. Act XI Co-operative Land 445 Development Banks 1 ,I amount offered by the '[primary land development ' i bank] towards the debt, but such receipt shall 'not ~rcjudice the right, if any, of such person, to recover the balance claimed by him. I Fewer to *! 29-A. ( I ) Subject to such restrictiqns, limita- s u m e n tions and conditions as may be prescribed, the Registrar witnesses and persons subordinate to the Registrar who are ;:tu,"tion authorized by him in this behalf by general or special documents.
ortlcr in writing, and such other persons, being ofEcials engaged i n the relief of rural indebtedness or officers I of co-operative banks which are registered or deemed , Madras to he registered under the Madras Co-operative t;3'2F Of ~ o c i c t ies Act. 1932'. as the '(State) Government m;lY, by notification in the Fort St. George G ~ z e t t e i I :tl~tt~orize in this behalf, shall have the same powers I Central ; is ;rrc vested in a Court under the Code of Civil Prof$: of ~ ~ t l t ~ r e , 1908. when trying a suit, in respect of the f i ) l l o~v i~~g matters, namely: - I
(n) enforcing the attendance of any person and cx;~~~lining him on oath or affirmation ;
(h) compelling the producl ion of documents;
:111tl
(c) issiring commissions for the examination o I' \vi t nesses.
(2) Any cf the officers or persons authorized by ,>I. t ~ ~ ~ t l e r sub-section (I) may require any person present h~.I'o~.r: Itim to furnish any information or to produce any clocument then and there in his possession or I 'll,i\ eupreqsion was substituted for the expression "mortgage Iylnk " b v section 4 of the Tamil Nadu Co-operative Land Mortgage 11,11lkr (Amendment) Act, 1969 (Tamil Nadu Act 14 of 1969).
8 Swtion 29-A was inserted by section 2 of the Madras Co-operat i \ o ~,t\nd Mortgage Banks (Amendment) Act, 1939 (Madras Act x ~ l l l of 1939).
8 ,n\lq word was substituted for the word "Provincial" by th4 ~daptat ion Order of 1950.
* ,Vow see tho Tamil Nadu Co-opera tiva Societies A<t, 1961 flanril Nadu Act 53 of 1961).
Co-opernrive Lmd [I934 : T.N. Act X Develupbaent Banks
(3) Any offiser or pcrson before wlrom any .Jucument is produced under sub-section (1) or subsection (1) shall have pons: to take, or to authorize the takin J of. such copies of the document or of any entries thxein as such officer or person may colnsider nezessar:. Copies so taken shall when certified in such maruner as may be prescribed, be admissible in evidenze for any purposs ir, the same manner and to the sa!ne extent ai the original document or the entries tilsrcln as thc case n ~ a y be.
(4) ((1) A-1: person who \vilfillly or witbovt re;lsonabie excilsc di4ob:y.; any summons, requisilion o r order i,\tlcd i~ncler sub-sesrior: ( I ) or sub-sect~on (2), shall b-. put>lsn:lble \\ith fil~i. ~vhich may extend to fifty rupcec and in the casc of n col~tinuing disobedience with a,, additinnal tint. \vhich may extend to f i l e siipec\ f c ~ r every day dui-ing which such disobe- ~ ~ C I I C C c >ntit~tr(.s :ifte:. con! iction for the last such cli~nhctfiencc.
( h ) No Cottlt ivfel lo r to that of :! *Presidency Magi$tl.:!tc (31. n :-ML~gicrlo~c of the fissr class sllall 1 1 Y ally offcncc 1111tler clauw ( ( 1 ) .
( ( l ) No ~>,.osccution shill bc itlstituted under cl,llt<c (0 ) witho~!t the prc\io~ls sanctioll- ( i ) oI' the Rzgis!rnr in caee the summons, rccl~\i,itio~-t or ordcr allegcd to have lxen disobeyed w,t, i4suetl by thc Rcgistrnr or any person subordillxtc to him or hy any officcr of a co-operative bank ;
nnd
(ii) of tlnz Collector of the district in other c;ts:s. _- - - - - .- 1974).
I ---------- - --.---.-*l.*.......*.~."..* ', .,. . . . * - - ~ - - - - ~ ' , * ' * , L ..,... -. _ _ 1 . .
- - .
1934 i T.N. ~ c t XI Co-operativc Land 441 Development Banks Such sanction shall not be given without giving the party concerned an opportunity to be heard.
(5) The '(State) Government shall have power to make rules for giving effect to the provisions of this section.1