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THE ASSAM CO-OPERATIVE LAND MORTGAGE BANK ACT, 1960
The Assam Co-operative Land Mortgage Bank Act, 1960
Sections
An ACT
Section 1Section 1. (1)
Section 1Section 1. (2)
Section 1Section 1. (3)
Section 1Section 2. (a)
Section 2Section 2. (b)
Section 2Section 2. (c)
Section 2Section 2. (d)
Section 2Section 2. (e)
Section 2Section 2. (f)
Section 2Section 2. (g)
Section 2Section 2. (h)
Section 2Section 3. (1)
Section 3Section 3. (2)
Section 3Section 4.
Section 4Section 5. (1)
Section 5Section 5. (2)
Section 5Section 5. (3)
Section 5Section 6.
Section 6Section 7. (1)
Section 7Section 7. (2)
Section 7Section 7. (3)
Section 7Section 7. (4)
Section 7Section 8. (1)
Section 8Section 8. (2)
Section 8Section 8. (3)
Section 8Section 9. (1)
Section 9Section 9. (2)
Section 9Section 10. (1)
Section 10Section 10. (2)
Section 10Section 10. (3)
Section 10Section 10. (4)
Section 10Section 10. (5)
Section 10Section 11. (1)
Section 11Section 11. (2)
Section 11Section 11A. (1)
Section 11ASection 11A. (2)
Section 11ASection 12. (1)
Section 12Section 12. (2)
Section 12Section 13. (1)
Section 13Section 13. (2)
Section 13Section 13. (3)
Section 13Section 14. (1)
Section 14Section 14. (2)
Section 14Section 14. (3)
Section 14Explanation
Section 46Section 15.
Section 15Section 16. (1)
Section 16Section 16. (2)
Section 16Section 16. (3)
Section 16Explanation
Section 51Section 17. (1)
Section 17Section 17. (2)
Section 17Section 17. (3)
Section 17Section 17. (4)
Section 17Section 18.
Section 18Section 19.
Section 19Section 20. (1)
Section 20Section 20. (2)
Section 20Section 21.
Section 21Section 22.
Section 22Explanation
Section 62Section 23. (1)
Section 23Section 23. (2)
Section 23Section 23. (3)
Section 23Section 24. (1)
Section 24Section 24. (2)
Section 24Section 25.
Section 25Section 26. (a)
Section 26Section 26. (b)
Section 26Section 27.
Section 27Section 28. (1)
Section 28Section 28. (2)
Section 28Section 29. (1)
Section 29Section 29. (2)
Section 29Section 30.
Section 30Section 31.
Section 31Section 32.
Section 32Section 33.
Section 33Section 34.
Section 34Section 35.
Section 35Section 36. (1)
Section 36Section 36. (2)
Section 36Section 36. (3)
Section 36Section 37. (1)
Section 37Section 37. (2)
Section 37Section 37. (3)
Section 37
assam-co-operative-land-mortgage-bank-act-1960-assam.json
•
87 Sections
•
Assam
{
"id": 150,
"slug": "assam-co-operative-land-mortgage-bank-act-1960-assam",
"title": "THE ASSAM CO-OPERATIVE LAND MORTGAGE BANK ACT, 1960",
"short_title": "The Assam Co-operative Land Mortgage Bank Act, 1960",
"act_number": "I",
"act_year": 1961,
"act_type": "STATE",
"location": "Assam",
"law_status": "valid",
"enactment_date": "1960-12-29",
"description": "The Assam Co-operative Land Mortgage Bank Act, 1960",
"preamble": "",
"section_label": "Section",
"sections": [
{
"number": "1",
"title": "An ACT",
"chapter": null,
"content": "AN\nACT\n to facilitate the working of the 1[Cooperative \nAgriculture and Rural Development Banks] in the \nState of Assam.\n\nPreamble. \n2[Whereas it is expedient to facilitate the working of \nCooperative Agriculture and Rural Development Banks in \nthe State of Assam with a view to providing for grant of \nlong-term and short-term loans for the purposes of \nagricultural development and activities incidental thereto, \nto finance construction of houses in rural areas, to promote \nrural industrialization by providing loans to artisans, \ncraftsmen and small entrepreneurs and to advance loans to \ninstitutions and corporate bodies engaged in activities \nwhich directly or indirectly help the farmers and the rural \npeople, in the manner hereinafter appearing ;]\n\n It is hereby enacted in the Eleventh Year of the \nRepublic 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": "1. (1) This Act may be called 3[The Cooperative \nAgriculture 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": "(2) 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": "(3) It shall come into force on such date as the State \nGovernment may, by notification in the official \nGazette, appoint.",
"footnote": "",
"is_definition": false,
"sort_order": 30
},
{
"number": "2",
"title": "Section 2. (a)",
"chapter": null,
"content": "Definitions. 2. In this Act, unless there is anything repugnant in the \nsubject or context,-\n4[(a) “Board” means the Board of Directors of the\nCentral Mortgage Bank and includes Managing\nBody of a registered Society or by whatever \nname such body is called but does not include the \nAdministrative Council of the Society.",
"footnote": "4. Subs. by Assam Act No. IV of 1976.",
"is_definition": false,
"sort_order": 40
},
{
"number": "2",
"title": "Section 2. (b)",
"chapter": null,
"content": "(b) “Central Mortgage Bank” means 1[The \nCooperative Agriculture and Rural \nDevelopment Bank Ltd.] and includes any other \nregistered Co-operative Society notified by the \nState Government in this behalf.",
"footnote": "1. Subs. by Assam Act No. VIII of 1990.",
"is_definition": false,
"sort_order": 50
},
{
"number": "2",
"title": "Section 2. (c)",
"chapter": null,
"content": "(c) “Mortgage Bank” means a 2[Cooperative \nAgriculture and Rural Development Bank] of \nregistered under the Assam Co-operative \nSocieties Act, 1949 and includes any other \nregistered Co-operative Societies notified by the \nState Government in this behalf and admitted as \na member of the Central Mortgage Bank.]",
"footnote": "2. Subs. by Assam Act No. VIII of 1990.",
"is_definition": false,
"sort_order": 60
},
{
"number": "2",
"title": "Section 2. (d)",
"chapter": null,
"content": "(d) “Committee” means, in relation to Mortgage \nBank, the Board of Directors or Board of \nManagement or the Panchayat or the Committee \nof Management or the Governing Body to \nwhom the management of its affairs is entrusted.",
"footnote": "",
"is_definition": false,
"sort_order": 70
},
{
"number": "2",
"title": "Section 2. (e)",
"chapter": null,
"content": "(e) “Prescribed” means prescribed by rule made by \nthe State Government under this Act.",
"footnote": "",
"is_definition": false,
"sort_order": 80
},
{
"number": "2",
"title": "Section 2. (f)",
"chapter": null,
"content": "(f) “Registrar” means a person appointed to Assam \nperform the duties of Registrar of Co-operative \nSocieties under the Assam Co-operative \nSocieties' Act of 1949.",
"footnote": "Assam Act I \nof 1950.",
"is_definition": false,
"sort_order": 90
},
{
"number": "2",
"title": "Section 2. (g)",
"chapter": null,
"content": "(g) “Sale Officer” means the Sale Officer appointed \nunder Section 19 of this Act to attach and sell \nthe property of defaulters or to execute any \ndecree by attachment and sale of property.",
"footnote": "",
"is_definition": false,
"sort_order": 100
},
{
"number": "2",
"title": "Section 2. (h)",
"chapter": null,
"content": "(h) “Trustee” means the Trustee appointed under \nSection 3 of this Act.",
"footnote": "Assam Act I \nof 1950.",
"is_definition": false,
"sort_order": 110
},
{
"number": "3",
"title": "Section 3. (1)",
"chapter": null,
"content": "Appointment of \nTrustee and his \npowers and \nfunctions.\n\n3. (1) The Registrar, or where the State Government \nappoint any other person in this behalf, such officer, \nshall be the Trustee for the purpose of securing the \nfulfilment of the obligations of the Central Mortgage \nBank to the holders of debentures issued by the \nBoard.",
"footnote": "",
"is_definition": false,
"sort_order": 120
},
{
"number": "3",
"title": "Section 3. (2)",
"chapter": null,
"content": "(2) The powers and functions of the Trustee shall be \ngoverned by the provisions of this Act and by the \ninstrument of trust executed between the Central \nMortgage Bank and the Trustee as modified from \ntime to time by mutual agreement between the Board \nand the Trustee.",
"footnote": "",
"is_definition": false,
"sort_order": 130
},
{
"number": "4",
"title": "Section 4.",
"chapter": null,
"content": "Trustee to be a \nCorporation \nSole.\n\n4. The Trustee appointed under Section 3 shall be a \nCorporation Sole by the name of the Trustee for the \ndebentures and as such shall have perpetual succession \nand a common seal and in his Corporate name shall sue \nand be sued.",
"footnote": "",
"is_definition": false,
"sort_order": 140
},
{
"number": "5",
"title": "Section 5. (1)",
"chapter": null,
"content": "Issue of \ndebentures by \nthe Board.\n\n5. (1) With the previous sanction of the Trustee of the \nBoard may, from time to time, issue debentures one \nor more denominations for such periods as it may \ndeem expedient, on the security of the mortgages and \nother assets transferred or deemed to have been \ntransferred under Section 21 by the Mortgage Banks \nto the Central Mortgage Bank and other properties of \nCentral Mortgage Bank.",
"footnote": "",
"is_definition": false,
"sort_order": 150
},
{
"number": "5",
"title": "Section 5. (2)",
"chapter": null,
"content": "(2) Such debentures may contain a term fixing a period \nnot exceeding ten years from the date of issue during\nwhich they shall be irredeemable or reserving to the \nBoard the right to call in at any time any of the \ndebentures in advance of the date fixed for \nredemption after giving to the debenture holder \nconcerned not less than three months' notice in \nwriting.",
"footnote": "",
"is_definition": false,
"sort_order": 160
},
{
"number": "5",
"title": "Section 5. (3)",
"chapter": null,
"content": "(3) The total amount due on the debentures issued by the \nBoard and outstanding at any time shall not exceed \nthe aggregate of (a) the amounts due on the mortgage \nand the value of the other assets transferred or \ndeemed to have been transferred under Section 21 by \nthe Mortgage Banks to the Central Mortgage Bank \nand subsisting at such time; and (b) the amounts paid \nunder the mortgages aforesaid and remaining in the \nhands of the Board or of the Trustee at that time.",
"footnote": "",
"is_definition": false,
"sort_order": 170
},
{
"number": "6",
"title": "Section 6.",
"chapter": null,
"content": "Charge of \nDebenture \nHolders on \ncertain \nproperties.\n\n6. The holders of the debentures have a floating charge on-\n(a) all such mortgages and assets as are referred to \nin clause (a) of sub-section (3) of Section 5;\n(b) the amount paid under such mortgages and \nremaining in the hands of the Board or of the \nTrustee; and \n(c) the other properties of the Central Mortgage \nBank.",
"footnote": "",
"is_definition": false,
"sort_order": 180
},
{
"number": "7",
"title": "Section 7. (1)",
"chapter": null,
"content": "Gaurantee by \nstate \nGovernment of \nprincipal of, \nand interest on, \ndebentures.\n\n7. (1) The principal of, and interest on, the debentures \nissued under Section 5, shall in respect of such \nmaximum amount as may be fixed by State \nGovernment and subject to such condition as it may \nthink fit to impose, carry the guarantee of the State \nGovernment.",
"footnote": "",
"is_definition": false,
"sort_order": 190
},
{
"number": "7",
"title": "Section 7. (2)",
"chapter": null,
"content": "(2) The State Government may subject to any law of the \nlegislature of the State increase the maximum amount \nof any guarantee given under sub-section (1)",
"footnote": "",
"is_definition": false,
"sort_order": 200
},
{
"number": "7",
"title": "Section 7. (3)",
"chapter": null,
"content": "(3) The State Government may, after consulting the \nBoard and the Trustee:-\n(a) by notification in the official Gazette; and\n(b) by notice of not less than fourteen days in such \nof the principal news papers in the State and of \nother States in India as the State Government \nmay select in this behalf; \n discontinue any guarantee given by it or \nrestrict the maximum amount thereof or modify \nthe conditions, subject to which it is given, with \neffect from a specified date, not being earlier \nthan six months from the date of publication of \nthe notification in the Official Gazette: \n Provided that the withdrawal, restriction or \nmodification of any guarantee shall not in any \nway affect the guarantee carried by any \ndebenture issued prior to the date on which such \nwithdrawal, restriction or modification takes \neffect.",
"footnote": "",
"is_definition": false,
"sort_order": 210
},
{
"number": "7",
"title": "Section 7. (4)",
"chapter": null,
"content": "(4) Every notification and notice referred to in subsection (3) shall, where the maximum amount of \nguarantee is to be restricted or the conditions subject \nto which the guarantee is given are to be modified, \nset forth precisely the scope and effect of the \nrestriction or modification, as the case may be.",
"footnote": "",
"is_definition": false,
"sort_order": 220
},
{
"number": "8",
"title": "Section 8. (1)",
"chapter": null,
"content": "Distraint- when \nto be made.\n\n8. (1) If any instalment payable under mortgage executed in \nfavour of 1[the Central Mortagage Bank or] a \nMortgage Bank or any part of such instalment has \nremained unpaid for more than one month from the \ndate on which it fell due, the 2[Board or the] \nCommittee may in addition to any other remedy \navailable to the 3[Central Mortgage Bank or the] said \nMortgage Bank, apply to the Registrar or to such \nperson as the State Government may appoint in this \nbehalf for the recovery of such instalment or part by \ndistraint and sale of the produce of the mortgaged \nland including the standing crops thereon.",
"footnote": "1. Ins. by Assam Act No. XXIV of 1964.\n2. Ins. by Assam Act No. XXIV of 1964.\n3. Ins. by Assam Act No. XXIV of 1964.",
"is_definition": false,
"sort_order": 230
},
{
"number": "8",
"title": "Section 8. (2)",
"chapter": null,
"content": "(2) On receipt of such application the Registrar or the \nperson as the State Government may appoint in this \nbehalf may, notwithstanding anything contained in \nthe Transfer of Prooerty Act, 1882, take action in the \nmanner as prescribed for the purpose of distraining \nand selling such produce : \n Provided that no distraint shall be made after the \nexpiry of twelve months from the date on which the \ninstalment fell due.",
"footnote": "Act IV of \n1882.",
"is_definition": false,
"sort_order": 240
},
{
"number": "8",
"title": "Section 8. (3)",
"chapter": null,
"content": "(3) The value of the property distrained shall be, as \nnearly as possible, equal to the amount due and the \nexpenses of the distraint and the cost of the sale.",
"footnote": "",
"is_definition": false,
"sort_order": 250
},
{
"number": "9",
"title": "Section 9. (1)",
"chapter": null,
"content": "Distraint how to \nbe effected.\n\n9. (1) Before or at the time when a distraint is made under \nSection 8, the distrainer shall serve or cause to be \nserved upon the defaulter a written demand \nspecifying the amount for which the distraint is \nmade.",
"footnote": "",
"is_definition": false,
"sort_order": 260
},
{
"number": "9",
"title": "Section 9. (2)",
"chapter": null,
"content": "(2) The demand shall be dated and signed by the \ndistrainer and shall be served upon the defaulter by \ndelivering a copy to him or in his absence to some \nadult member of his family at his usual place of \nabode or to his authorised agent or when such service \ncan not be effected, by affixing a copy of the demand \non some conspicuous part of his abode and of his \nland.",
"footnote": "",
"is_definition": false,
"sort_order": 270
},
{
"number": "10",
"title": "Section 10. (1)",
"chapter": null,
"content": "Sale of property \ndistrained.\n\n10. (1) If, within 15 days from the date of service of demand \nreferred to in Section 9, the defaulter does not pay the \namount for which the distraint was effected, the \ndistrainer may sell, in auction, the distrained property \nor such part thereof, as may in his opinion be \nnecessary to satisfy the demand together with the \nexpenses of the distraint and the cost of the sale.",
"footnote": "",
"is_definition": false,
"sort_order": 280
},
{
"number": "10",
"title": "Section 10. (2)",
"chapter": null,
"content": "(2) From the proceeds of such sale, a deduction shall be \nmade at a rate not exceeding 6 naye paise in the rupee \non account of the cost of the sale",
"footnote": "",
"is_definition": false,
"sort_order": 290
},
{
"number": "10",
"title": "Section 10. (3)",
"chapter": null,
"content": "(3) From the balance shall be deducted the expenses \nincurred by the distrainer on account of the distraint.",
"footnote": "",
"is_definition": false,
"sort_order": 300
},
{
"number": "10",
"title": "Section 10. (4)",
"chapter": null,
"content": "(4) The remainder, shall be applied to the discharge of \nthe amount for which the distraint was made.",
"footnote": "",
"is_definition": false,
"sort_order": 310
},
{
"number": "10",
"title": "Section 10. (5)",
"chapter": null,
"content": "(5) The surplus, if any, shall be delivered to the person\nwhose property has been sold and he shall be given a \nreceipt for the amount discharged from the proceeds \nof the sale.",
"footnote": "",
"is_definition": false,
"sort_order": 320
},
{
"number": "11",
"title": "Section 11. (1)",
"chapter": null,
"content": "Power of sale \nwhen to be \nexercised.\n\n11. (1) Notwithstanding anything contained in the Transfer \nof Property Act, 1882, where a power of sale without \nthe intervention of the court is expressly conferred on \nthe 1[Central Mortgage Bank and the] Mortgage Bank \nby the mortgage deed, 2[the Board or] the Committee \nof such bank or any person authorised by such \nCommittee in this behalf shall, in case of default of \npayment of the mortgage money or any part thereof, \nhave power in addition to any other remedy available \nto the bank to bring the mortgaged property to sale \nwithout the intervention of the court.",
"footnote": "Act IV of \n1882\n1. Ins. by Assam Act No. XXIV of 1964.\n2. Ins. by Assam Act No. XXIV of 1964.",
"is_definition": false,
"sort_order": 330
},
{
"number": "11",
"title": "Section 11. (2)",
"chapter": null,
"content": "(2) No such power shall be exercised unless and until-\n(a) the Board has previously authorised the exercise \nof the power conferred by sub-section (l) after \nhearing the objection as, if any of the mortgagor:\n(b) notice in writing requiring payment of such \nmortgage money or part has been served upon-\n(i) the mortgagor ;\n(ii) any person who has any interest in or charge \nupon the property mortgaged or in or upon \nthe right to redeem the same ;\n(iii) any surety for the payment of the mortgaged \ndebt or any part thereof ;\n(iv) any creditor of the mortgagor who has in a \nsuit for the administration of his estate \nobtained a decree for sale of the mortgaged \nproperty ; and\n(c) default has been made in payment of such \nmortgage money or part thereof for three months \nafter such service.",
"footnote": "",
"is_definition": false,
"sort_order": 340
},
{
"number": "11A",
"title": "Section 11A. (1)",
"chapter": null,
"content": "[11A. (1) Where advance is made against hypothecation of \nassets, the Mortgage Bank shall have power to put the \nassets on sale for default by the borrower of payment \nof instalment due.",
"footnote": "1. Ins. by Assam Act No. VIII of 1990.",
"is_definition": false,
"sort_order": 350
},
{
"number": "11A",
"title": "Section 11A. (2)",
"chapter": null,
"content": "(2) No such power shall be exercised unless;-\n(a) notice in writing requiring payment of instalment \ndue has been served upon the borrower ; and\n(b) default has been made in payment of such \ninstalments due for three months after such \nservice.]",
"footnote": "",
"is_definition": false,
"sort_order": 360
},
{
"number": "12",
"title": "Section 12. (1)",
"chapter": null,
"content": "Application for \nsale and \nmanner of sale.\n\n12. (1) In exercise of the power of sale conferred by Section \n11 and in confermity with the provisions thereof, 2[the \nBoard or] the Committee 3[***] or any person duly \nauthorised by such 4[Board or the] Committee may \napply to the Sale Officer appointed in that behalf \nunder Section 19 to sell the mortgaged property or \nany Part thereof and such officer shall after giving \nnotice of 30 days in writing to all the persons referred \nto in Section 11, sell property in the manner \nprescribed.",
"footnote": "2. Ins. by Assam Act No. XXIV of 1964.\n3. Omitted by Assam Act No. XXIV 1964.\n4. Ins. by Assam Act No. XXIV of 1964.",
"is_definition": false,
"sort_order": 370
},
{
"number": "12",
"title": "Section 12. (2)",
"chapter": null,
"content": "(2) 1[The sale shall be by public auction and shall be held \nin the village where the mortgaged property is \nsituated or at the nearest place of public resort or in \nthe office of the Sales Officer whichever place, in the \nopinion of the Sales Officer, is likely to attract the \nmaximum number of bidders and the property is \nlikely to sell to better advantage there.]",
"footnote": "1. Subs. by Assam Assam Act No. VIII of 1990.",
"is_definition": false,
"sort_order": 380
},
{
"number": "13",
"title": "Section 13. (1)",
"chapter": null,
"content": "Application to \nset aside sale \nand deposit and \nconfirmation of \nsale in default \nor on dismissal \nof such \napplication.\n\n13. (1) When a mortgaged property has been sold under the \nprovisions of this Act, the mortgagor or any person \nhaving a right or interest therein affected by the sale \nmay, at any time, within thirty days from the date of \nsale, apply to the 2[Board or the] Committee 3[***] \nconcerned to have the sale set aside on his depositing \nat the office of such Bank.\n(a) for payment to 4[the Central Mortgaged Bank or]\nthe Mortgage Bank the amount specified in the \nproclamation of sale together with subsequent \ninterest and the costs, if any, incurred by the \nbank in bringing the property to sale ; and\n(b) for payment to the purchaser, sum equal to such \nper cent of the purchase money as prescribed.",
"footnote": "2. Ins. by Assam Act No. XXIV of 1964.\n3. Omitted by Assam Act No. XXIV of 1964.\n4. Ins. by Assam Act No. XXIV of 1964.",
"is_definition": false,
"sort_order": 390
},
{
"number": "13",
"title": "Section 13. (2)",
"chapter": null,
"content": "(2) If such deposit is made, 5[the Board or] the \nCommittee shall make an order setting aside the sale.",
"footnote": "5. Ins. by Assam Act No. XXIV of 1964.",
"is_definition": false,
"sort_order": 400
},
{
"number": "13",
"title": "Section 13. (3)",
"chapter": null,
"content": "(3) Where no application is made under sub-section (1) \nor where such application is made and disallowed, \n6[the Board or] the Committee shall apply to the \nRegistrar or to the parson appointed by the State in \nthis behalf to make an order confirming the sale and \non such officer's confirming the sale, it shall become \nabsolute.",
"footnote": "6. Ins. by Assam Act No. XXIV of 1964.",
"is_definition": false,
"sort_order": 410
},
{
"number": "14",
"title": "Section 14. (1)",
"chapter": null,
"content": "Distribution of \nproceeds of \nsale.\n\n14. (1) The proceeds of every sale under the provisions of \nSections 11, 12, 13 of this Act shall be applied by the \nSale Officer, first in payment of all costs, charges and \nexpenses actually incurred by him as incident to the \nsale or any proposed sale; secondly, in payment of all \ninterest due on account of the mortgage in \nconsequence whereof the mortgaged property was \nsold; thirdly, in payment of the principal money due \non account of the mortgage; and lastly, in payment of \nthe residue, if any, with the approval of the Registrar \nor the officer appointed by the State Government in \nthis behalf to the person interested in the property \nsold or if there are more such persons than one then to \nsuch persons according to their respective interests \nupon their joint receipt.",
"footnote": "",
"is_definition": false,
"sort_order": 420
},
{
"number": "14",
"title": "Section 14. (2)",
"chapter": null,
"content": "(2) Any person dissatisfied with the decision of the Sale \nOfficer in regard to the distribution of the residue \nunder sub-section (1) may, within thirty days of the \ncommunication to him of such decision, institute a \nsuit to establish the right amount of interest he claims \nin a Civil Court within whose jurisdiction the \nproperty sold is situated.",
"footnote": "",
"is_definition": false,
"sort_order": 430
},
{
"number": "14",
"title": "Section 14. (3)",
"chapter": null,
"content": "(3) The Sale Officer shall not distribute the residue under \nsub-section (1) until thirty days have elapsed from the \ncommunication of his decision to all the persons \nconcerned or if a suit has been instituted within the \nsaid period of thirty days by any such person until the \nsuit is disposed of or otherwise terminated and on \nsuch disposal or termination, the residue shall be \ndistributed in accordance with the decision of the \ncourt.",
"footnote": "",
"is_definition": false,
"sort_order": 440
},
{
"number": "46",
"title": "Explanation",
"chapter": null,
"content": "Explanation:- In this sub-section \"Court\" means the \nCivil Court which would have jurisdiction to entertain \na suit to enforce the mortgage and within the limits of \nwhose jurisdiction the property sold is situated.",
"footnote": "",
"is_definition": false,
"sort_order": 450
},
{
"number": "15",
"title": "Section 15.",
"chapter": null,
"content": "Certificate to \npurchaser.\n\n15. Where a sale of mortgaged property has become absolute, \nthe Sale Officer shall grant a certificate specifying the \nproperty sold and the name of the person who, at the time \nof the sale, is declared to be the purchaser. Such certificate \nshall bear date and the day on which the sale became \nabsolute.",
"footnote": "",
"is_definition": false,
"sort_order": 460
},
{
"number": "16",
"title": "Section 16. (1)",
"chapter": null,
"content": "Delivery of \nproperty to \npurchaser.\n\n16. (1) Where the mortgaged property sold is in the actual \npossession of the mortgagor or of some person on his \nbehalf or of some person claiming under a title other \nthan a lease for a period not exceeding three years \ncreated by the mortgagor subsequent to the mortgage \nin favour of 1[the Central Mortgage or] the Mortgage \nBank and a certificate in respect thereof has been \ngranted under Section 15, the court shall on the \napplication of the purchaser, order delivery of the \nproperty to be made by putting such purchaser or his \nagent specially appointed in writing for the purpose in \npossession of the property.",
"footnote": "1. Ins. by Assam Act No. XXIV of 1964.",
"is_definition": false,
"sort_order": 470
},
{
"number": "16",
"title": "Section 16. (2)",
"chapter": null,
"content": "(2) Where the property sold is in the occupation of a \ntenant or other person entitled to occupy the same and \na certificate in respect thereof has been granted under \nSection 15, the court shall, on the application of the \npurchaser, and after notice to such tenant or other \nperson, order delivery to be made to the purchaser by \naffixing a copy of the certificate of sale in some \nconspicuous place on the property and proclaiming to \nthe occupant and the public by beat of drum or other \ncustomary mode at some convenient place that the \ninterest of the mortgagor has been transferred to the \npurchaser.",
"footnote": "",
"is_definition": false,
"sort_order": 480
},
{
"number": "16",
"title": "Section 16. (3)",
"chapter": null,
"content": "(3) In regard to the cases dealt within sub-sections (1) \nand (2), the provisions of rules 97 to 103 of Order \nXXI of the first schedule to the Code of Civil \nProcedure, 1908 shall, mutatis mutandis and so far as \nmay be, apply.",
"footnote": "Act V of \n1908",
"is_definition": false,
"sort_order": 490
},
{
"number": "51",
"title": "Explanation",
"chapter": null,
"content": "Explanation: - In this Section \"Court\" shall have the \nsame meaning as in Section 14.",
"footnote": "",
"is_definition": false,
"sort_order": 500
},
{
"number": "17",
"title": "Section 17. (1)",
"chapter": null,
"content": "Appointment or \nReceiver and \nhis powers.\n\n17. (1) The Board may on the application of 2[the Central \nMortgage Bank or] a Mortgage Bank and under \ncircumstances in which the power of sale conferred \nby Section 11 may be exercised, appoint in writing, a \nReceiver of the produce and income of the mortgaged \nproperty or any part thereof and such Receiver shall \nbe entitled either to take possession of the property or \ncollect its produce and income, as the case may be, to \nretain out of any money realised by him, his expenses \nof management including his remuneration, if any, as \nfixed by the Board, and to apply the balance in \naccordance with the provisions of sub-section (8) of \nSection 69-A of the Transfer of Property Act, 1882.",
"footnote": "Act IV of \n1882.\n2. Ins. by Assam Act No. XXIV of 1964.",
"is_definition": false,
"sort_order": 510
},
{
"number": "17",
"title": "Section 17. (2)",
"chapter": null,
"content": "(2) A Receiver appointed under sub-section (1) may, for \nsufficient cause and on application made by the \nmortgagor, be removed by the Board.",
"footnote": "",
"is_definition": false,
"sort_order": 520
},
{
"number": "17",
"title": "Section 17. (3)",
"chapter": null,
"content": "(3) A vacancy in the office of the Receiver may be filled \nup by the Board.",
"footnote": "",
"is_definition": false,
"sort_order": 530
},
{
"number": "17",
"title": "Section 17. (4)",
"chapter": null,
"content": "(4) Nothing in this Section shall empower the Board to \nappoint a Receiver when the mortgaged property is \nalready in the possession of a Receiver appointed by a \nCivil Court.",
"footnote": "",
"is_definition": false,
"sort_order": 540
},
{
"number": "18",
"title": "Section 18.",
"chapter": null,
"content": "Title of \npurchaser not \nto be questioned \non the ground \nof irregularity, \netc.\n\n18. Where any property is sold in the exercise or purported \nexercise of a power of sale under the provision of this Act, \nthe title of the purchaser shall not be questioned on the \nground that-\n(a) the circumstances required for authorising the sale \nhad arisen ; or\n(b) due notice of the sale was not given; or\n(c) the power of sale was otherwise improperly or \nirregularly exercised ; \nbut any person who has suffered any damage by an \nunauthorised, improper or irregular exercise of any such \npower shall have a remedy in damages against 1[the \nCentral Mortgage Bank or] the Mortgage Bank. Such \nproperty, shall vest in the purchaser free from all \nencumbrances.",
"footnote": "1. Ins. by Assam Act No. XXIV of 1964.",
"is_definition": false,
"sort_order": 550
},
{
"number": "19",
"title": "Section 19.",
"chapter": null,
"content": "Appointment of \nSale Officers.\n\n19. The Registrar shall appoint Sale Officers for the purpose of \nconducting sale under the provisions of this Act.",
"footnote": "",
"is_definition": false,
"sort_order": 560
},
{
"number": "20",
"title": "Section 20. (1)",
"chapter": null,
"content": "Right of \nmortgage Bank \nor of the \nCentral \nMortgage Bank \nto Purchase the \nmortgaged \nproperty at \nsale.\n\n20. (1) Notwithstanding anything contained in any law for \nthe time being in force, it shall be lawful for a \nMortgage Bank or the Central Mortgage Bank to \npurchase any mortgaged property sold under this Act \nand the property so purchased shall be disposed of by \nsuch Bank by sale within such period as may be fixed \nby the Trustee.",
"footnote": "",
"is_definition": false,
"sort_order": 570
},
{
"number": "20",
"title": "Section 20. (2)",
"chapter": null,
"content": "(2) Nothing in the Assam Fixation of Ceiling on Land \nHoldings Act, 1956 fixing a maximum limit of \nagricultural holding shall apply to the acquisition of \nland by a Mortgage Bank or the Central Mortgage \nBank under sub-section (1).",
"footnote": "Assam Act I \nof 1957.",
"is_definition": false,
"sort_order": 580
},
{
"number": "21",
"title": "Section 21.",
"chapter": null,
"content": "Mortgages \nexecuted in \nfavour of \nMortgage Bank \nto stand vested \nin Central \nMortgage Bank.\n\n21. The mortgages executed in favour of, and all other assets \ntransferred to a Mortgage Bank by the members thereof \nshall, with effect from the date of such execution or \ntransfer (including those mortgaged to a Mortgage Bank \nbefore commencement of this Act) be deemed to have \nbeen transferred by such Mortgage Banks to the Central \nMortgage Bank and shall stand vested in the Trustee.",
"footnote": "",
"is_definition": false,
"sort_order": 590
},
{
"number": "22",
"title": "Section 22.",
"chapter": null,
"content": "Powers of the \nMortgage Bank \nwhere property \nis destroyed or \nsecurity \nbecomes \ninsufficient.\n\n22. Where any property mortgaged to 1[the Central Mortgage \nBank or] a Mortgage Bank is wholly or partially destroyed \nor the security is rendered insufficient and the mortgagor, \nhaving been given a reasonable opportunity by 2[the Board \nor] the Committee 3[***] of providing further security \nenough to render the whole security sufficient of repaying \nsuch portion of the loan as may be determined by 4[the \nBoard or] the Committee, has failed to provide such \nsecurity or to repay such portion of the loan, the whole of \nthe loan shall be deemed to fall due at once and the \nCommittee shall be entitled to take action against the \nmortgagor under Section 8 or Section 11 for the recovery \nthereof.",
"footnote": "1. Ins. by Assam Act No. XXIV of 1964.\n2. Ins. by Assam Act No. XXIV of 1964.\n3. Omitted by Assam Act No. XXIV of 1964.\n4. Ins. by Assam Act No. XXIV of 1964.",
"is_definition": false,
"sort_order": 600
},
{
"number": "62",
"title": "Explanation",
"chapter": null,
"content": "Explanation.- A security is insufficient within the meaning \nof this Section unless the value of the mortgaged property \nexceeds the amount for the time being due on the mortgage \nby such proportion as may be specified in the bye-laws of \nthe 5[Central Mortgage Bank or the] Mortgage Bank.",
"footnote": "5. Ins. by Assam Act No. XXIV of 1964.",
"is_definition": false,
"sort_order": 610
},
{
"number": "23",
"title": "Section 23. (1)",
"chapter": null,
"content": "Power of Board \nor of Trustee to \ndistrain and \nsale of \nproperty, etc.\n\n23. (1) 6[The Trustee may direct the Board or the Committee, \nand the Board may direct the Committee to take \naction against a defaulter under section 8, section 11 \nor section 12 and if the Board or the Committee \nneglects or fails to do so, the Trustee or the Board \nmay take such action.]",
"footnote": "6. Subs. by Assam Act No. XXIV of 1964.",
"is_definition": false,
"sort_order": 620
},
{
"number": "23",
"title": "Section 23. (2)",
"chapter": null,
"content": "(2) Where such action is taken by the Board the \nprovisions of this Act and of any rules made in this \nbehalf shall apply in respect thereto as if all \nreferences to the Mortgage Bank and to its Committee \nin the said provisions were references to the Central \nMortgage Bank and the Board respectively.",
"footnote": "",
"is_definition": false,
"sort_order": 630
},
{
"number": "23",
"title": "Section 23. (3)",
"chapter": null,
"content": "(3) Where such action is taken by the Trustee, the \nprovisions of this Act and of any rules made \nthereunder shall apply in respect thereto, as if, all \nreferences to 1[the Central Mortgage Bank or the] \nMortgage Bank or to 2[the Board or the] Committee in \nthe said provisions were references to the Trustee.",
"footnote": "1. Ins. by Assam Act No. XXIV of 1964.\n2. Ins. by Assam Act No. XXIV of 1964.",
"is_definition": false,
"sort_order": 640
},
{
"number": "24",
"title": "Section 24. (1)",
"chapter": null,
"content": "Mortgagors' \nPower lease.\n\n24. (1) Notwithstanding anything contained in the Transfer \nof Property Act, 1882, or in any other law for the time \nbeing in force, a mortgagor shall not grant a lease of \nthe mortgaged property for a period exceeding three \nyears.",
"footnote": "Act IV of \n1882.",
"is_definition": false,
"sort_order": 650
},
{
"number": "24",
"title": "Section 24. (2)",
"chapter": null,
"content": "(2) Any lease granted in contravention of the provisions \nof sub-section (1) shall be void.",
"footnote": "",
"is_definition": false,
"sort_order": 660
},
{
"number": "25",
"title": "Section 25.",
"chapter": null,
"content": "Mortgage not to \nbe questioned \non insolvency of \nmortgagor.\n\n25. Notwithstanding anything contained in the Provincial \nInsolvency Act of 1920 and in any law relating to \ninsolvency, a mortgage executed in favour of 3[the Central \nMortgage Bank or] a Mortgage Bank shall not be called in \nquestion on the ground that it was not executed in good \nfaith for valuable consideration or on the ground that was \nexecuted in order to give 4[the Central Mortagage Bank or] \nthe Mortgage Bank a preference over the other creditors of \nthe mortgage",
"footnote": "Act V of \n1920.\n3. Ins. by Assam Act No. XXIV of 1964.\n4. Ins. by Assam Act No. XXIV of 1964.",
"is_definition": false,
"sort_order": 670
},
{
"number": "26",
"title": "Section 26. (a)",
"chapter": null,
"content": "Power of \nmortgage bank \nto receive \nmoney and \ngrant valid \ndischarges \nnotwithstanding \nassignment of \nMortgage deeds \nto the Central \nMortgage Bank.\n\n26. Notwithstanding that a mortgage executed in favour of a \nMortgage Bank has been transferred, or is deemed under \nthe provision of Section 21 to have been transferred to the \nCentral Mortgage Bank-\n(a) all moneys due under the mortgage may, in the \nabsence of any specific direction to the contrary \nissued by the Board or Trustee and communicated \nto the mortgagor, be paid to 5[the Central \nMortagage Bank or] the Mortgage Bank and such \npayment shall be valid as if, the mortgage had not \nbeen so transferred ; and",
"footnote": "5. Ins. by Assam Act No. XXIV of 1964.",
"is_definition": false,
"sort_order": 680
},
{
"number": "26",
"title": "Section 26. (b)",
"chapter": null,
"content": "(b) the Mortgage Bank shall, in the absence of any \nspecific direction to the contrary issued by the \nBoard or Trustee and communicated to the \nMortgage Bank be entitled to sue on the mortgage \nor take any other proceedings for the recovery of \nthe moneys due under the mortgage.",
"footnote": "",
"is_definition": false,
"sort_order": 690
},
{
"number": "27",
"title": "Section 27.",
"chapter": null,
"content": "Priority of \nmortgage over \ncertain claims.\n\n27. A mortgage executed in favour of a Mortgage Bank and \nCentral Mortgage Bank shall have priority over any claim \nof the Government arising from a loan under the Land \nImprovement Loans Act, 1883, or the Agriculturist's Loans \nAct, 1884 granted after the execution of the mortgage.",
"footnote": "Act XIX of \n1883.\nAct XIX of \n1884.",
"is_definition": false,
"sort_order": 700
},
{
"number": "28",
"title": "Section 28. (1)",
"chapter": null,
"content": "Right of \nMortgage a \nBank to pay \nprior debts of \nmortgagor.\n\n28. (1) Where a mortgage is executed in favour of 1[the \nCentral Mortagage Bank or] a Mortgage Bank for \npayment of prior debts of the mortgagor, the Bank \nmay, notwithstanding the provisions of Sections 75 \nand 76 of the Transfer of Property Act, 1882 by \nnotice in writing, require any person to whom any \nsuch debt is due, to receive payment of such debt or \npart thereof from the Mortgage Bank at its registered \noffice within such period as may be specified in the \nnotice.",
"footnote": "Act VI of \n1882.\n1. Ins. by Assam Act No. XXIV of 1964.",
"is_definition": false,
"sort_order": 710
},
{
"number": "28",
"title": "Section 28. (2)",
"chapter": null,
"content": "(2) Where any such person fails to receive such notice or \nsuch payment, such debt or part thereof as the case \nmay be, shall cease to carry interest from the \nexpiration of the period specified in the notice:\n Provided that where there is a dispute as regards \nthe amount of any such debt the person to whom such \ndebt is due shall be bound to receive payment of the \namount offered by the 2[the Central Mortagage Bank \nor] Mortgage Bank towards the debt, but such receipt \nshall not prejudice the right, if any, of such person, to \nrecover the balance claimed by him",
"footnote": "2. Ins. by Assam Act No. XXIV of 1964.",
"is_definition": false,
"sort_order": 720
},
{
"number": "29",
"title": "Section 29. (1)",
"chapter": null,
"content": "Registration of \ndocuments \nexecuted on \nbehalf of a \nMortgage Bank \nor of the \nCentral \nMortgage Bank.\n\n29. (1) Notwithstanding anything contained in the Indian \nRegistration Act 1908 it shall not be necessary for any \nofficer of a Mortgage Bank or of the Central \nMortgage Bank to appear in person or by agent at any \nregistration office in any proceedings connected with \nthe registration of any instrument executed by him in \nhis official capacity or to sign as provided in Section \n58 of that Act.",
"footnote": "Act XVI of \n1908.",
"is_definition": false,
"sort_order": 730
},
{
"number": "29",
"title": "Section 29. (2)",
"chapter": null,
"content": "(2) Where any instrument is so executed, the registering \nofficer to whom such istrument is presented for \nregistration, may, if he thinks fit, refer to such officer \nsas stated in sub-section (1) for information respecting \nthe same, and on being satisfied of the execution \nthereof, shall register the instrument.",
"footnote": "",
"is_definition": false,
"sort_order": 740
},
{
"number": "30",
"title": "Section 30.",
"chapter": null,
"content": "Proof of \ndocuments or \nentries in \ndocuments.\n\n30. Any Mortgage Bank or the Central Mortgage Bank may \ngrant copies of any document obtained and kept by it in the \ncourse of its business or of any entries in such document;\nand any copy so granted shall, where certified in such \nmanner as may be prescribed, be admissible in evidence \nfor any purpose in the same manner and to the same extent \nas the original document, or the entries therein, as the case \nmay be.",
"footnote": "",
"is_definition": false,
"sort_order": 750
},
{
"number": "31",
"title": "Section 31.",
"chapter": null,
"content": "Provisions of \nthe Act shall \napply to loans \nadvanced by \nMortgage \nBanks from \nfunds not \nborrowed from \nthe Central \nMortgage Bank.\n\n31. The provisions of the Act shall apply also to the loans \nadvanced by Mortgage Banks from funds which have not \nbeen borrowed from the Central Mortgage Bank.",
"footnote": "",
"is_definition": false,
"sort_order": 760
},
{
"number": "32",
"title": "Section 32.",
"chapter": null,
"content": "Service of \nnotice.\n\n32. Whenever under the provisions of this Act notice is \nrequired to be given to any person in writing, it shall be \nsufficient to send such notice by : -\n(i) Registered post with acknowledgement due, or \n(ii) personal service through official messenger \nor (iii) affixing a copy of the notice at the last \nknown place of residence or business of the \nperson concerned through any office bearer or \nemployee of the Central Mortgage Bank or \nMortgage Bank, as the case may be, with two \nwitnesses when the person concerned refuses to \naccept the notice and sign the acknowledgement \nor he cannot be found.",
"footnote": "",
"is_definition": false,
"sort_order": 770
},
{
"number": "33",
"title": "Section 33.",
"chapter": null,
"content": "Sections 102, \n103 and 104 of \nthe Transfer of \nproperty Act \n1882, to apply \nto such notices\nunder this Act.\n\n33. The provisions of Sections 102 and 103 of the Transfer of \nProperty Act, 1882, and of any rules made by the High \nCourt under Section 104 of that Act for carrying out the \npurposes of the said Sections, shall apply, so far as may, in \nrespect of all notices to be served under this Act.",
"footnote": "Act IV of \n1882.",
"is_definition": false,
"sort_order": 780
},
{
"number": "34",
"title": "Section 34.",
"chapter": null,
"content": "Officer of \nMortgage Bank \nand the Central \nMortgage Bank \nand sale officers \nnot to bid at \nsale.\n\n34. At any sale of movable or immovable property held under \nthe provisions of this Act in order to recover any money \ndue to a Mortgage Bank, no Director, Secretary or other \nofficer of such Bank or of the Central Mortgage Bank \n(except on behalf of the Bank of which he is a Director or \nSecretary or an Officer) and no sales officer or other \npersons having any duty to perform in connection with \nsuch sale, shall either directly or indirectly bid for or \nacquire or attempt to acquire any interest in such property.",
"footnote": "",
"is_definition": false,
"sort_order": 790
},
{
"number": "35",
"title": "Section 35.",
"chapter": null,
"content": "Delegation of \ncertain powers \nby Board.\n\n35. The Board may, if it thinks fit , delegate all or any of its \npowers under Sections 11, 17 and 23 to an Executive \nCommittee constituted by it and consisting of two or more \nof its members.",
"footnote": "",
"is_definition": false,
"sort_order": 800
},
{
"number": "36",
"title": "Section 36. (1)",
"chapter": null,
"content": "Powers of the \nState \nGovernment to \nmake Rules.\n\n36. (1) The State Government may, by notification in the \nofficial Gazette, make rules for carrying out the \npurposes of the Act.",
"footnote": "",
"is_definition": false,
"sort_order": 810
},
{
"number": "36",
"title": "Section 36. (2)",
"chapter": null,
"content": "(2) In particular, and without prejudice to the generality \nof the foregoing power, such rules may provide for all \nor any of the following matters, namely-\n(a) the manner of effecting distraint ;\n(b) the custody, preservation and sale of distrained \nproperty ;\n(c) the investigation of claims by persons other than \nthe defaulter to any right or interest in the \ndistrained property and for the postponement of \nthe sale pending such investigation ;\n(d) the immediate sale of perishable articles ;\n(e) the due proclamation and conduct of the sale ;\n(f) the recovery of the expenses of proclamation \nand sale ;\n(g) the deposit of the purchase money ;\n(h) the re-sale of the property, if the purchase \nmoney is not deposited ; and\n(i) any other matter which has to be, or may be, \npribed.",
"footnote": "",
"is_definition": false,
"sort_order": 820
},
{
"number": "36",
"title": "Section 36. (3)",
"chapter": null,
"content": "(3) All rules made under this Section shall be laid for not \nless than fourteen days before the Assam Legislative \nAssembly as soon as possible after they are made, and \nshall be subject to such modifications as the \nLegislative Assembly may make during the Session in \nwhich they are so laid or the Session immediately \nfollowing.",
"footnote": "",
"is_definition": false,
"sort_order": 830
},
{
"number": "37",
"title": "Section 37. (1)",
"chapter": null,
"content": "Power of the \nBoard to make \nRegulations.\n\n37. (1) The Board may, subject to the approval of the \nTrustee, make regulations not inconsistent with the \nprovisions of this Act and the rules made thereunder \nfor enabling it to discharge its functions under this \nAct.",
"footnote": "",
"is_definition": false,
"sort_order": 840
},
{
"number": "37",
"title": "Section 37. (2)",
"chapter": null,
"content": "(2) In particular, and without prejudice to the generality \r\nof the foregoing power, such regulations may provide \r\nfor all or any of the following matters, namely:-\r\n(a) fixing the period of debentures and the rate of \r\ninterest payable thereon ;\r\n(b) calling in debentures after giving notice to \r\ndebenture holders ;\r\n(c) the issue of new debentures in place of \r\ndebentures damaged or destroyed ;\r\n(d) converting one class of debenture into another, \r\nbearing a different rate of interest ;\r\n(e) the inspection of the account books and \r\nproceedings of Mortgage Banks ;\r\n(f) the submission of returns and reports by \r\nMortgage Banks in respect of their transaction ;\r\n(g) the periodical settlement of accounts between \r\nMortgage Bank and the payment of the amounts \r\nrecovered by Mortgage Banks on mortgages \r\ntransferred or deemed under the provisions of \r\nSection 21 to have been transferred to the \r\nCentral Mortgage Bank ;\r\n(h) specifying the form in which applications to \r\nMortgage Banks for loans should be made and \r\nfor the valuation of the properties offered as \r\nsecurity for such loans ;\r\n(i) the investment of moneys realised from \r\nmortgagor ; and\r\n(j) generally for any other matter in respect of \r\nwhich the Board considers provision should be \r\nmade for the purposes of this Act.",
"footnote": "",
"is_definition": false,
"sort_order": 850
},
{
"number": "37",
"title": "Section 37. (3)",
"chapter": null,
"content": "(3) All such regulations shall be published in the official \r\nGazette.",
"footnote": "",
"is_definition": false,
"sort_order": 860
}
],
"metadata": {
"Act ID": "196101",
"Act Number": "I",
"Enactment Date": "1960-12-29",
"Act Year": "1961",
"Short Title": "The Assam Co-operative Land Mortgage Bank Act, 1960",
"Department": "ASSAM LEGISLATIVE ASSEMBLY",
"Type": "STATE",
"Location": "Assam"
},
"updated_at": "2026-09-29 21:52:13"
}