Back
THE ASSAM CO-OPEREATIVE AGRICULTURE AND RURAL DEVELOPMENT ACT, 1960
THE ASSAM CO-OPEREATIVE AGRICULTURE AND RURAL DEVELOPMENT ACT, 1960
(Assam Act No of 1960)
Preamble
1. Short title, extent and commencement.
2. Definition.
3. Appointment of trustee and his power and function.
4. Trustee to be a corporation sole.
5. Issue of debentures by the Board.
6. Charge of debenture holders on certain properties.
7. Guarantee by State Government of principal of, and interest on, debentures.
8. Distraint - when to be made.
9. Distraint - How to be effected.
10. Sale of property distrained.
11. Power of sale when to be exercised.
11 - A
12. Application for sale and manner of sale.
13. Application to set aside sale on deposit and confirmation of sale in default or on dismissal of such application.
14. Distribution of proceeds of sale.
15. Certificate of purchase.
16. Delivery of property to purchaser.
17. Appointment of Receiver and his powers.
18. Title of purchaser not to be questioned on the ground of irregularity, etc.
19. Appointment of Sales Officers.
20. Right of Mortgage Bank or of the Central Mortgage Bank to purchase the mortgaged property at sale.
21. Mortgage executed in favour of Mortgage Bank to stand vested in Central Mortgage Bank.
22. Powers of the Mortgage Bank where property is destroyed or security becomes insufficient.
23. Powers of the Board or of Trustee to distrain and sale of property, etc.
24. Mortgagors' power to lease.
25. Mortgage not to be questioned on insolvency of mortgagor.
26. Power of the Mortgage Bank to receive money and grant valid discharges notwithstanding assignment of mortgage deeds to the Central Mortgage Bank.
27. Priority or mortgage over certain claims.
28. Right of Mortgage Bank to pay prior debts of mortgagor.
29. Registration of documents excited on behalf of a mortgage bank or of the Central Mortgage bank
30. Proof of documents or entries in documents.
31. Provisions of the Act shall apply to loans advanced by Mortgage Banks from funds not borrowed from the Central Mortgage Bank.
32. Service of notice.
33. Section 102, 103 and 104 of the transfer of property Act 1882, to apply to such notices under this Act.
34. Officers of Mortgage Bank and the Central Mortgage Bank and also office not to bid at sale.
35. Delegation of certain powers by Board.
36. Powers of State Government to made rules.
37. Powers of the Board to make regulations.
(As passed by the assembly)
[Received the assent of the President on the 29th December,]
An Act to facilitate the working of the Co-operative Lands Mortgage Banks in the State of Assam
Whereas it is expedient to facility the working of Cooperative Agriculture and Rural Development Bank in the State of Assam with a view to providing for grant of Long term and short
term loans for the purposes of agricultural development and activities incident thereto finance construction of houses in rural areas, to promote rural industrialization by providing loans to artisans, craftsmen and small entrepreneurs and to advance loans to institutions and corporate bodies engaged in activities which directly or indirectly help the farmers and the rural people, in the manner hereinafter appearing.
The words "Agriculture and Rural Development" and the preamble were substituted by Assam Act VIII of 1990 and thereby the scope has been widened to carry out agricultural developments by granting long term and short term loans.
1. Short title, extent and commencement.
(1) This Act may be called the Assam Co- operative Agriculture and Rural Development Bank Act 1960.
(2) In extend to the whole of the State of Assam.
(3) It shall come into force on such date as State Government may by notification in the Official Gazette, appoint.
COMMENTS
The Assam Co-operative Land Mortgage Bank Act 1960 (Assam Act No 1. of 1961) came in to force from 9th august, 1961. Vide Notification No. ACG264/59/91, date 26th July, 1961 (AG II-A, dated 9-8 1961 at page 2780)
