(1) The principal of, and interest on, the debentures issued under section 4 to such maximum amount as may be fixed by the '[State Government] and su5- ject to such co~rditions as they may think fit to impose shall, subject to the provisions of sub-section (3, carry the guarantee of the '[State Government] - 1 The words "Provincial Government " were substituted for the words "Local Government" by the Adaptation Order of 1937 and thc word "State " was substituted for "Provincial" by the Adapta.
tion Order of 1950.
a This expregsion was substituted for the expression "Central Mortgage Bznk" by section 4 of the Tamil Nadu Co-omrltjvc L ~ n d Mortgage Blnks (Amendment) Act, 1969 (Tamil N ~ d u ~~t 14 of 1969).
3 This expression was inserted by section 3 of the Madras co.
operative Land Mortgage Banks (Amendment) Act, 1950 (Madras Act IX of 1950).
(3) The "State Government] may, after consulting the Board and the Trustee--
(a) by notification in tlie 6[0fficial Gazette], and
(b) by notice for not less than fourteen days in such of the principal newspapers in the '[State of Tamil Nadu] and of S(oth>r States) as the 6[State Governrneml may s c l ~ t in this behalf, discontinue any guarantee given by them or restrict the maximum amount thereof or modify the conditions subject to which it is given. with effect from a specified date, not being earlier than six months from the date of publication of the notification in the 6[Official Gazette], In cases where the maximum amount of the guarantee is to be restricted or the conditions subjcct to which the guarantee is given are to be modified, the notification and notice aforesaid shall sct forth with sufficient clearness the scope and effect of the restriction or modification.
Explanation.-The withdrawal, restriction or modification of any guarantee under this sub-section, shall not affect in any way the guarantee carried by any -- - -- 1 Thc words " Provincial Government " were substituted for the words " L?l Go;ernment " by the Adaptati~n Order of ??37 dnd the word State was s h t l t u t e d for Provincial by the Adaptation Order of 1950.
a These words were substituted for the words " thc Leglslatlve Council *' by the Adaptation Order of 1937.
a This word was substrtuted for the word " ChambersM by the Adaptation (Amendment) Order of 1950, 4 This word was subst~tutcd for the word " Provincial by the Adaptation Ordcr'pf 1950.
6 The y r d s Provincial Gzvernnient " were sub\tituted for the words Local Gorernment by the Adaptation Order of 1937 and the word " State ' was bubstituted for " Provincial " by the , . ..w ."
4 Co-oprroria W [1934 : T.N-"Act X Devcloprnm Banks debentures issued prior to the date on, which such t withdrawal, restriction or modification takes effecr.
7. The '[State Government1 may, in their O s discretion, g:Iarhntee t3e principal cf, and the interest before on, any dzbentures issued before the commznement commence- of this Act by the Board. subject to such conditions as Of the the '[State Governm2ntJ may think fit to impose. Act.
Power of 8. The Board may, subject to the approval of the Board to make Trustee, make regulations not inconsistent with tlie regulations. provisims *of this Chapter- ~ f r %ing thc psricd of debentures and rate of inu:rtst payable thxeon ;
(ii) for calling in dtbcntures after giving notice , to debrtqture-1lold:rs ;
(iii) for the iisue of tlcw debe~i t~~res in piacc of dzbent~rzs d'un ~ g c d or d:.lrnycd :
( i ~ ) t'or converting O I I C class of debc~lturrs illto another b w i n g a diffci.2:;; I .lit of in~c'rcsl ; and
(v) ge11cr~1IIy f01- c~rrying out tlic provisions of t h i b C h a p ~ ~ r .
CHAPTEll l J I .
L)~.slr~:iizt (,,;xi .S(I/~J cfPi .or / i ic~~.
Distrain1 9. ( 1 ) If ;lny i i l taJnl:t~r paynblc u11dl:r :I mortgage when to be cxccutcd jq fd\ O U I of 1 I>1 1m11.y Iil~ld ( I i \ ~ ~ l o p r n c ~ ~ t made.
bank] or any p t r I o r .u:i~ r r~ j i a ln~ tn~ has rc-maincd illlp'iid f o r m )rc than orlc m 1t1t11 from 1112 d-itc 011 wllicll ~t fell dtic., the ci7nlmiltcc may, i l l addrtion lo any otll:l- renl:cty availablz lo tllc b:lnk, ;lpply to tllc Rcg~strnr or 10 x!ty pct\,>11 ;~ppoi~ltcd by thc '[State Go\/?; nrn:llt] irlltl r .:c!,~.:l .> of the MatIra\ Co-c>pcr.a- hl,idras - - - - --- -- 1 The words " 1'1 ovrnc~al G ~ C I i\ri~cnt " ncrc c.t~l-rst~t~~tcd for the words " f;ociil Govc~.nmcnt" by tho Ad4iptation Order of 1937 rind tllc:w~)rd St :~ (c "w. i \ subbtifutcd lor" lJrovlnc~,~l *' by thc Ad,ipl,,.
tion Order of 1950.
a T h ~ s expression w n ~ sub\r~tutctl for thc cxlirc\slon "rnortgct2c bank '' by wtion 4 of thc Tdrnrl N.rdu C~-O?CC.LI~VC L n ~ d Mortgage Banks (Amendfncnt) Act, 1969 (T,tnirl N ~ d u Acl 14 of 1969).
* See II& , t l x famil Nadu Co-opcrcltivo Societies Act, 15-61 Tamil Nadu Act 53 of 19611, \ -------- - 1934 : T.N. Act XI Co-operatiue W Development Bunks / Central Act IV of 18SZ recovery of such instalment, or part by distraint and sale of the produce of the mortgaged land including the standing crops thereon. On receipt of such application, the Registrar or such person may, notwithstanding anything contained in the Transfer of Property Act, 1882, take such action as is necessary to distrain and sell such produce :
Provided thar no distraint shall be made after he expiry of twelve months from the date on which zhc instalment fell due.
(2) The distress shall not be excessive ; the value of the property distrained shall be as nearly as possible, lequal to the amount due and the expenses of the dis- 'traint and the cost of the sale.