(1) The Board may, on its own motion, or on the application of a [Gram Vikas Bank] 5 under circumstances in which the power of sale without the intervention of court may be exercised under section 16 by a managing committee or the Board, appoint in writing, a receiver of the mortgaged property or any part thereof and such receiver Shall be entitled to take possession of the property, to collect its produce and income, to retain out of any money realized by him, his expenses of management including his remuneration, if any, as fixed by the Board, and to apply, the balance in accordance with the provisions of sub-section (8) of section 69-A of the Transfer of Property Act, 1882 so far as applicable.
(2) The Board may, either on its own motion or on an application made by the mortgagor, remove a receiver appointed under sub-section (1).
(3) A vacancy in the office of the receiver may be filled up by the Board.
(4) Nothing in this section shall empower the Board to appoint a receiver where the mortgaged property is already in the possession of a receiver appointed by a civil court.
[Vesting of right of alienation on agriculturists not having such rights 21-A The State Government may, by notification vest, subject to such restriction as may be specified in the notification, all Bhumidhars whether with transferable rights [, Asamis] 2 or not and the Government lessees with rights of alienation in land held under their tenure or any interest in such land including the right to create a charge or mortgage on such land or interest in favour of a [Gram Vikas Bank] 5 or the [Uttar Pradesh Gram Vikas Bank] 2 , for the purpose of obtaining loan from such banks and upon the issue of such notification, such Bhumidhar [,Asami] 2 and Government lessees shall, notwithstanding anything contained in any law for the time being in force or any contract, grant or other instrument to the contrary or any custom or tradition, have a right of alienation in accordance with the terms of notification.]
1 [Creation of charge in favour of [Gram Vikas Bank] 5 or [Rarjya Sahakari Gram Vikas Bank] 5 21-B (1) A person desirous of securing financial assistance from a [Gram Vikas Bank] 4 or the [Uttar Pradesh Sahakari Gram Vikas Bank] 5 by hypothecation of movable property own by him may make a declaration in writing on a duly stamp 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] 5 or the [Sahakari Gram Vikas Bank] 4 does not possesses 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.
Provisions of this Act to apply to hypothecation 21-C The provisions of this Act and Rule made thereunder relating to charges and mortgages made under this Act shall mutatis mundis apply to hypothecation of movable property made under this Act.]
3
1. Inserted by section 6 of U. P. Act No. 3 of 1979.
2. Ins. by section 10 (a) and 10 (b) of U.P. Act No. 16 of 1989.
3. Added by section 11 ibid.
4. Substituted by section 4 (b) of U.P. Act No. 19 of 1994.
5. Subs. by section 4 (d) ibid.
[The Uttar Pradesh Sahakari Gram Vikas Bank Act, 1964] [Section 22-23] [Restrictions mortgagors power to lease or create other rights in the mortgaged and charged property
22. Notwithstanding anything contained in the Transfer of Property Act, 1882, or any other law for the time being in force on property in respect of which a charge, hypothecation or mortgage has been made in favour of a [Gram Vikas Bank] 2 or the [Uttar Pradesh Gram Vikas Bank] 3 shall be sold or otherwise transferred by the person making the charge, hypothecation or mortgage until the entire amount of loan or advance taken by him from the [Gram Vikas Bank] 2 or the [Uttar Pradesh Gram Vikas Bank] 3 together with interest thereon is paid to the bank and any transaction made in contravention of this section shall be void :
Provided that if a part of the amount borrowed by a member is paid, the [Uttar Pradesh Gram Vikas Bank] 3 , or as the case may be, the [Gram Vikas Bank] 2 with the approval of the [Uttar Pradesh Gram Vikas Bank] 3 may, on application from the member release from the mortgage, charge or hypothecation created or made in favour of the bank, such part of the property or interest therein as it may deem proper with due regard to the security of the balance of the amount remaining outstanding from the member.]
1 Registration of documents executed in favour of [Gram Vikas Bank] 2 or the [Uttar Pradesh Gram Vikas Bank ] 3