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Section 21-B: Creation of charge in favour of Gram Vikas Bank or Uttar Pradesh Sahkari Gram Vikas Bank

The U P Sahkari Gram Vikas Bank Act 1964State Act of Uttar Pradesh · Act 16 of 1964

[21-B. Creation of charge in favour of [Gram Vikas Bank] or [Uttar Pradesh Sahkari Gram Vikas Bank]. (1) A person desirous of securing financial assistance from a [Gram Vikas Bank] or the [Uttar Pradesh Sahkari Gram Vikas Bank] by hypothecation of movable property owned by him may make a declaration in writing on a duly stamped paper that he thereby hypothecates such property in favour of such Bank.

(2) When a person desirous of securing financial assistance from a [Gram Vikas Bank] or the [Sahkari Gram Vikas Bank] does not possess property of sufficient value to secure the loan, financial assistance may be provided to him by such bank on furnishing sureties to the satisfaction of the Bank subject to such conditions, if any, as may be prescribed.

Where this provision sits

ActThe U P Sahkari Gram Vikas Bank Act 1964
Section21-B
Marginal noteCreation of charge in favour of Gram Vikas Bank or Uttar Pradesh Sahkari Gram Vikas Bank
JurisdictionState of Uttar Pradesh
StatusIn force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • inserted, U.P. Act No. 16 of 1989. Sections 21-B and 21-C inserted by U.P. Act No. 16 of 1989
  • substituted, U.P. Act No. 19 of 1994. Subs. by U.P. Act No. 19 of 1994

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