THE ASSAM CO-OPERATIVE LAND MORTGAGE BANK ACT, 1960

{
    "id": 149,
    "slug": "assam-co-operative-land-mortgage-bank-act-1960",
    "title": "THE ASSAM CO-OPERATIVE LAND MORTGAGE BANK ACT, 1960",
    "short_title": "The Cooperative Agriculture and Rural Development Banks 1960",
    "act_number": "I",
    "act_year": 1961,
    "act_type": "STATE",
    "location": "Assam",
    "law_status": "valid",
    "enactment_date": "1960-12-29",
    "description": "The Cooperative Agriculture and Rural Development Banks 1960",
    "preamble": "",
    "section_label": "Section",
    "sections": [
        {
            "number": "1",
            "title": "An ACT",
            "chapter": null,
            "content": "to facilitate the working of the [Cooperative Agriculture and Rural Development Banks] in the State of Assam.\n\nPreamble.- [Whereas it is expedient to facilitate the working of Cooperative Agriculture and Rural Development Banks 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 incidental thereto, to 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 ;]\n\nIt is hereby enacted in the Eleventh Year of the Republic of India as follows:-",
            "footnote": "1. Subs. by Assam Act No. VIII of 1990.\n2. Subs. by Assam Act No. VIII of 1990.",
            "is_definition": false,
            "sort_order": 0
        },
        {
            "number": "1",
            "title": "Section 1. (1)",
            "chapter": null,
            "content": "This Act may be called [The Cooperative Agriculture and Rural Development Banks] 1960.",
            "footnote": "3. Subs. by Assam Act No. VIII of 1990.",
            "is_definition": false,
            "sort_order": 10
        },
        {
            "number": "1",
            "title": "Section 1. (2)",
            "chapter": null,
            "content": "It extends to the whole of the State of Assam.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 20
        },
        {
            "number": "1",
            "title": "Section 1. (3)",
            "chapter": null,
            "content": "It shall come into force on such date as the State Government may, by notification in the official Gazette, appoint.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 30
        },
        {
            "number": "2",
            "title": "Section 2. Definitions.",
            "chapter": null,
            "content": "In this Act, unless there is anything repugnant in the subject or context,-",
            "footnote": "",
            "is_definition": true,
            "sort_order": 40
        },
        {
            "number": "2",
            "title": "Section 2. (a)",
            "chapter": null,
            "content": "[(a) \"Board\" means the Board of Directors of the Central Mortgage Bank and includes Managing Body of a registered Society or by whatever name such body is called but does not include the Administrative Council of the Society.",
            "footnote": "4. Subs. by Assam Act No. IV of 1976.",
            "is_definition": false,
            "sort_order": 50
        },
        {
            "number": "2",
            "title": "Section 2. (b)",
            "chapter": null,
            "content": "(b) \"Central Mortgage Bank\" means [The Rural Cooperative Agriculture and Development Bank Ltd.] and includes any other registered Co-operative Society notified by the State Government in this behalf.",
            "footnote": "1. Subs. by Assam Act No. VIII of 1990.",
            "is_definition": false,
            "sort_order": 60
        },
        {
            "number": "2",
            "title": "Section 2. (c)",
            "chapter": null,
            "content": "(c) \"Mortgage Bank\" means a [Cooperative Agriculture and Rural Development Bank] of registered under the Assam Co-operative Societies Act, 1949 and includes any other registered Co-operative Societies notified by the State Government in this behalf and admitted as a member of the Central Mortgage Bank.]",
            "footnote": "2. Subs. by Assam Act No. VIII of 1990.",
            "is_definition": false,
            "sort_order": 70
        },
        {
            "number": "2",
            "title": "Section 2. (d)",
            "chapter": null,
            "content": "(d) \"Committee\" means, in relation to Mortgage Bank, the Board of Directors or Board of Management or the Panchayat or the Committee of Management or the Governing Body to whom the management of its affairs is entrusted.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 80
        },
        {
            "number": "2",
            "title": "Section 2. (e)",
            "chapter": null,
            "content": "(e) \"Prescribed\" means prescribed by rule made by the State Government under this Act.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 90
        },
        {
            "number": "2",
            "title": "Section 2. (f)",
            "chapter": null,
            "content": "(f) \"Registrar\" means a person appointed to perform the duties of Registrar of Co-operative Societies under the Assam Co-operative Societies' Act of 1949.",
            "footnote": "Assam Act I of 1950.",
            "is_definition": false,
            "sort_order": 100
        },
        {
            "number": "2",
            "title": "Section 2. (g)",
            "chapter": null,
            "content": "(g) \"Sale Officer\" means the Sale Officer appointed under Section 19 of this Act to attach and sell the property of defaulters or to execute any decree by attachment and sale of property.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 110
        },
        {
            "number": "2",
            "title": "Section 2. (h)",
            "chapter": null,
            "content": "(h) \"Trustee\" means the Trustee appointed under Section 3 of this Act.",
            "footnote": "Assam Act I of 1950.",
            "is_definition": false,
            "sort_order": 120
        },
        {
            "number": "3",
            "title": "Section 3. Appointment of Trustee and his powers and functions. (1)",
            "chapter": null,
            "content": "The Registrar, or where the State Government appoint any other person in this behalf, such officer, shall be the Trustee for the purpose of securing the fulfilment of the obligations of the Central Mortgage Bank to the holders of debentures issued by the Board.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 130
        },
        {
            "number": "3",
            "title": "Section 3. Appointment of Trustee and his powers and functions. (2)",
            "chapter": null,
            "content": "The powers and functions of the Trustee shall be governed by the provisions of this Act and by the instrument of trust executed between the Central Mortgage Bank and the Trustee as modified from time to time by mutual agreement between the Board and the Trustee.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 140
        },
        {
            "number": "4",
            "title": "Section 4. Trustee to be a Corporation Sole.",
            "chapter": null,
            "content": "The Trustee appointed under Section 3 shall be a Corporation Sole by the name of the Trustee for the debentures and as such shall have perpetual succession and a common seal and in his Corporate name shall sue and be sued.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 150
        },
        {
            "number": "5",
            "title": "Section 5. Issue of debentures by the Board. (1)",
            "chapter": null,
            "content": "With the previous sanction of the Trustee of the Board may, from time to time, issue debentures one or more denominations for such periods as it may deem expedient, on the security of the mortgages and other assets transferred or deemed to have been transferred under Section 21 by the Mortgage Banks to the Central Mortgage Bank and other properties of Central Mortgage Bank.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 160
        },
        {
            "number": "5",
            "title": "Section 5. Issue of debentures by the Board. (2)",
            "chapter": null,
            "content": "Such debentures may contain a term fixing a period not exceeding ten years from the date of issue during which they shall be irredeemable or reserving to the Board the right to call in at any time any of the debentures in advance of the date fixed for redemption after giving to the debenture holder concerned not less than three months' notice in writing.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 170
        },
        {
            "number": "5",
            "title": "Section 5. Issue of debentures by the Board. (3)",
            "chapter": null,
            "content": "The total amount due on the debentures issued by the Board and outstanding at any time shall not exceed the aggregate of (a) the amounts due on the mortgage and the value of the other assets transferred or deemed to have been transferred under Section 21 by the Mortgage Banks to the Central Mortgage Bank and subsisting at such time; and (b) the amounts paid under the mortgages aforesaid and remaining in the hands of the Board or of the Trustee at that time.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 180
        }
    ],
    "metadata": {
        "Act ID": "196101",
        "Act Number": "I",
        "Enactment Date": "1960-12-29",
        "Act Year": "1961",
        "Short Title": "The Cooperative Agriculture and Rural Development Banks 1960",
        "Department": "State Government",
        "Type": "STATE",
        "Location": "Assam"
    },
    "updated_at": "2026-09-29 21:52:02"
}