The Assam Co-operative Agriculture and Rural Development Bank Act, 1960

{
    "id": 13950,
    "slug": "the-assam-co-operative-agriculture-and-rural-development-bank-act-1960",
    "title": "The Assam Co-operative Agriculture and Rural Development Bank Act, 1960",
    "short_title": "The Assam Co-operative Agriculture and Rural Development Bank Act, 1960",
    "act_number": "(Assam Act No. 1 of 1961)",
    "act_year": 1960,
    "act_type": "STATE",
    "location": "Assam",
    "law_status": "unknown",
    "enactment_date": null,
    "description": "The Assam Co-operative Agriculture and Rural Development Bank Act, 1960",
    "preamble": "",
    "section_label": "Section",
    "sections": [
        {
            "number": "1",
            "title": "1. Short title, extent and commencement.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 0
        },
        {
            "number": "2",
            "title": "2. Definitions.",
            "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 ;\n(b) \"Central Mortgage Bank\" means the Co-operative Agriculture and Rural Development Bank Ltd., and includes any other registered Co-operative Society notified by the State Government in this behalf ;\n(c) \"Mortgage Bank\" means the Co-operative Agriculture and Rural Development Bank Ltd. 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.\n(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 ;\n(e) \"Prescribed\" means prescribed by rules made by the State Government under this Act;\n(f) \"Registrar\" means a persons appointed to perform the duties of Registrar of Co-operative Societies under the Assam Co-operative Societies Act, 1949 ;\n(g) \"Sale Officer\" means the Sale Officer appointed under Section 19 of this Act to attack and sell the property of defaulters or to execute any degree by attachment and seal of property ;\n(h) \"Trustee\" means the Trustee appointed under Section 3 of this Act.",
            "footnote": "",
            "is_definition": true,
            "sort_order": 1
        },
        {
            "number": "3",
            "title": "3. Appointment of Trustee and his powers and functions.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 2
        },
        {
            "number": "4",
            "title": "4. Trustee to be a Corporation Sole.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 3
        },
        {
            "number": "5",
            "title": "5. Issue of debentures by the Board.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 4
        },
        {
            "number": "6",
            "title": "6. Charge of Debentures Holders on certain properties.",
            "chapter": null,
            "content": "(a) all such mortgage and assets as are referred to in clause (a) of sub-section (3) of Section 5 ;\n(b) the amount paid under such mortgages and remaining in the hands of the board or of the trustee : and\n(c) the other properties of the Central Mortgage Bank.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 5
        },
        {
            "number": "7",
            "title": "7. Guarantee by State Government of principal of, and interest on, debentures.",
            "chapter": null,
            "content": "(a) by notification in the Official Gazette ; and\n(b) by notice of not less than fourteen days in such of the principal news papers in the State and of other States in India as the State Government may select in this behalf; discontinue any guarantee given by it or restrict the maximum amount thereof or modify the conditions subject to which it is given, with effect from a specified date, not being earlier than six months from the date of publication of the notification in the official Gazette :",
            "footnote": "",
            "is_definition": false,
            "sort_order": 6
        },
        {
            "number": "8",
            "title": "8. Distraint when to be made.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 7
        },
        {
            "number": "9",
            "title": "9. Distraint how to be effected.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 8
        },
        {
            "number": "10",
            "title": "10. Sale of property distrained.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 9
        },
        {
            "number": "11",
            "title": "11. Power of sale when to be exercised.",
            "chapter": null,
            "content": "(a) the Board has previously authorised the exercise of the power conferred by sub-section (1) after hearing the objections if any, of the mortgagor ;\n(b) notice in writing requiring payment of such mortgage money or part has been served upon-\n(i) the mortgagor;\n(ii) any person who has any interest in or charge upon the property mortgaged or in or upon the right to redeem the same ;\n(iii) any surety for the payment of the mortgaged debt or any part thereof;\n(iv) any creditor of the mortgagor who has in a suit for the administration of his estate obtained a decree for sale of the mortgaged property; and\n(c) default has been made in payment of such mortgage money or part thereof for three months after such service.\n11A.\n(a) notice in writing requiring payment of instalment due has been served upon the borrower ; and\n(b) default has been made in payment of such instalments due for three months after such service.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 10
        },
        {
            "number": "12",
            "title": "12. Application for sale and manner of sale.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 11
        },
        {
            "number": "13",
            "title": "13. Application to set aside sale on deposit and confirmation of sale in default or on dismissal of such application.",
            "chapter": null,
            "content": "(a) for payment to the Central Nortgage Bank or the Mortgage Bank, the amount specified in the proclamation of sale together with subsequent interest and the costs, if any, incurred by the bank in bringing the property to sale; and\n(b) for payment to the purchaser, a sum equal to such per cent of the purchase money as prescribed.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 12
        },
        {
            "number": "14",
            "title": "14. Distribution of proceeds of sale.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 13
        },
        {
            "number": "15",
            "title": "15. Certificate to purchaser.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 14
        },
        {
            "number": "16",
            "title": "16. Delivery of property to purchaser.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 15
        },
        {
            "number": "17",
            "title": "17. Appointment of Receiver and his powers.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 16
        },
        {
            "number": "18",
            "title": "18. Title of purchaser not to be questioned on the ground of irregularity etc.",
            "chapter": null,
            "content": "(a) the circumstances required for authorising the sale had arisen ; or\n(b) due notice or the sale was not given ; or\n(c) the power of sale was otherwise improperly or irregularly exercised ;",
            "footnote": "",
            "is_definition": false,
            "sort_order": 17
        },
        {
            "number": "19",
            "title": "19. Appointment of Sale Officers.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 18
        },
        {
            "number": "20",
            "title": "20. Right of Mortgage Bank or the Central Mortgage Bank to purchase the mortgaged property at sale.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 19
        },
        {
            "number": "21",
            "title": "21. Mortgages executed in favour of Mortgage Bank stand vested in Central Mortgage Bank.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 20
        },
        {
            "number": "22",
            "title": "22. Powers of the Mortgage Bank where property is destroyed or security becomes insufficient.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 21
        },
        {
            "number": "23",
            "title": "23. Power of Board or of Trustee to distrain and Sale of Property etc.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 22
        },
        {
            "number": "24",
            "title": "24. Mortgagor's power to lease.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 23
        },
        {
            "number": "25",
            "title": "25. Mortgage not to be questioned on insolvency of mortgagor.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 24
        },
        {
            "number": "26",
            "title": "26. Power Mortgage Bank to receive money and grant valid discharges notwithstanding assignment of Mortgage deeds to the Central Mortgage Bank.",
            "chapter": null,
            "content": "(a) all moneys due under the mortgage may, in the absence of any specific direction to the contrary issue by the Board or Trustee and communicated to the mortgagor, be paid to the Central Mortgage Bank or Mortgage Bank and such payment shall be valid as if the mortgage had not been so transferred ; and\n(b) the Mortgage Bank shall, in the absence of any specific direction to the contrary issued by the Board or Trustee and communicated to the Mortgage Bank be entitled to sue on the mortgage or take any other proceedings for the recovery of the moneys due under the mortgage.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 25
        },
        {
            "number": "27",
            "title": "27. Priority of mortgage over certain claims.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 26
        },
        {
            "number": "28",
            "title": "28. Right of Mortgage Bank to pay prior debts of mortgagor.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 27
        },
        {
            "number": "29",
            "title": "29. Registration of documents executed on behalf of a Mortgage Bank or of the Central Mortgage Bank.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 28
        },
        {
            "number": "30",
            "title": "30. Proof of documents or entries in documents.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 29
        },
        {
            "number": "31",
            "title": "31. Provisions of the Act shall apply to loans advanced by Mortgage Banks from funds not borrowed from the Central Mortgage Bank.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 30
        },
        {
            "number": "32",
            "title": "32. Service of notice.",
            "chapter": null,
            "content": "(i) Registered post with acknowledgement due ; or (ii) Personal service through official messenger ; or (iii) affixing a copy of the notice at the last known place of residence or business of the person concerned, through any officer bearer or employee of the Central Mortgage Bank or Mortgage Bank, as the case may be, with two witnesses when the person concerned refuses to accept the notice and sign the acknowledgement or he cannot be found. 33. Section 102, 103 and 104 of the Transfer of Property Act, 1882, to apply to such notices under this Act. - The provision of Sections 102 and 103 of the Transfer of Property Act, 1882, and rules made by the High Court under Section 104 of that Act for carrying out the purposes of the said sections shall apply, so far as may, in respect of all notices to be served under this Act.\n(ii) Personal service through official messenger ; or\n(iii) affixing a copy of the notice at the last known place of residence or business of the person concerned, through any officer bearer or employee of the Central Mortgage Bank or Mortgage Bank, as the case may be, with two witnesses when the person concerned refuses to accept the notice and sign the acknowledgement or he cannot be found.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 31
        },
        {
            "number": "102",
            "title": "33. Section 102, 103 and 104 of the Transfer of Property Act, 1882, to apply to such notices under this Act.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 32
        },
        {
            "number": "34",
            "title": "34. Officer of Mortgage Bank and the Central Mortgage Bank and Sale Officers not to bid at sale.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 33
        },
        {
            "number": "35",
            "title": "35. Delegation of certain powers by Board.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 34
        },
        {
            "number": "36",
            "title": "36. Powers of the State Government to make Rules.",
            "chapter": null,
            "content": "(a) the manner of effecting distraint;\n(b) the custody, preservation and sale of distrained property ;\n(c) the investigation of claims by persons other than the defaulter to any right or interest in the distrained property and for the postponement of the 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 and sale ;\n(g) the deposit of the purchase money ;\n(h) the re-sale of the property, if the purchase money is not deposited ; and\n(i) any other matter which has to be, or may be, prescribed.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 35
        },
        {
            "number": "37",
            "title": "37. Power of the Board to make Regulations.",
            "chapter": null,
            "content": "(a) fixing the period of debentures and the rate of interest payable thereon;\n(b) calling in debentures after giving notice to debenture holders ;\n(c) the issue of new debentures in place of debentures damaged or destroyed ;\n(d) converting one class of debenture into another, bearing a different rate of interest;\n(e) the inspection of the account books and proceedings of Mortgage Banks;\n(f) the submission of returns and reports by Mortgage Banks in respect of their transaction;\n(g) the periodical settlement of accounts between Mortgage Bank and the payment of the amounts recovered by Mortgage Banks on mortgages transferred or deemed under the provisions of Section 21 to have been transferred to the Central Mortgage Bank ;\n(h) specifying the form in which applications to mortgage Banks for loans should be made and for the valuation of the properties offered as security for such loans ;\n(i) the investment of moneys realised from mortgagor ; and\n(j) generally for any other matter in respect of which the Board considers provisions should be made for the purposes of this Act.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 36
        }
    ],
    "metadata": {
        "Act ID": "Last Updated 11th February, 2020 [ass112]",
        "Act Number": "(Assam Act No. 1 of 1961)",
        "Enactment Date": "",
        "Act Year": "1960",
        "Short Title": "The Assam Co-operative Agriculture and Rural Development Bank Act, 1960",
        "Type": "STATE",
        "Location": "Assam"
    },
    "updated_at": "2026-09-29 21:55:18"
}