(1) It shall be lawful for an agriculturist to create a charge on the movable property owned by him or on the crops raised by him, standing or otherwise or other produce from land cultivated by him, to the extent of his interests therein, in favour of a bank, to secure financial assistance from that bank, notwithstanding that he may not be owner of the land on and from which the crop is raised.
(2) Notwithstanding anything to the contrary in the Tripura Cooperative Societies Act, 1974, or any other law for the time being inforce no Definition.
Removal of restriction on alienation.
State Gove r n m e n t may, by notification, vest agriculturists not having a alienable rights with such rights.
Charge on crop and other movable property in favour of a bank.
4 charge in respect of financial assistance extended by a co-operative society to an agriculturist shall have priority over a charge on the crops raised by him, standing or otherwise, or any other movable property in respect of any financial assistance given to him by a bank, provided the financial assistance made by the bank is prior in point of time to that of the financial assistance extended by the co-operative society.
(3) A bank may distrain and sell through an official of the State Government, designated in this behalf by the State Government, the crop or other produce or other movable charged to that bank to the extent of agriculturist's interest therein and appropriate proceeds of such sale towards all moneys due to the bank from that agriculturist.
6. Where an agriculturist creates a charge on land, or any other immovable property which he owns or in which he has an interest in respect of any financial assistance given to him by a bank, he may make a declaration on the lines of the form set out in the Schedule hereto or as near thereto as circumstances permit, declaring that thereby he creates, in favour of the bank a charge on such land or his interest therein, or other immovable property as the case may be, to secure the financial assistance given to him by the Bank.
(2) A declaration made under sub-section (1) may be varied from time to time by the agriculturist with the consent of the bank in whose favour the declaration has been made.Such variation shall take effect from such date on which the variation, if it had been an original declaration, would have effect under section 9.
(3) For the removal of doubts it is hereby cleared that no duty under the Indian Stamp Act, 1899 or fee under the Registration Act, 1908 shall be payable on a declaration referred to in this section.
CHAPTER--III charges and mortgage in favour of banks and their priorities
7. Notwithstanding anything to the contrary contained in the Tripura Co-operative Societies Act, 1974, or any other law for the time being in force and notwithstanding that any land or interest therein stands already charged or mortgaged or mortgaged to a co-operative society, it shall be lawful for an agriculturist to create charge or mortgage on such land or interest therein in favour of a bank as security for any financial assistance given to the agriculturist by that bank.
Creation of charge on land in favour of a bank by declaration.
Removal of disability in creation of charges and mortgages.
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