THE ASSAM COOPERATIVE LAND MORTGAGE BANK (AMENDMENT) ACT, 1990

{
    "id": 152,
    "slug": "the-assam-cooperative-land-mortgage-bank-amendment-act-1990",
    "title": "THE ASSAM COOPERATIVE LAND MORTGAGE BANK (AMENDMENT) ACT, 1990",
    "short_title": "The Assam Cooperative Land Mortgage Bank (Amendment) Act, 1990",
    "act_number": "VIII",
    "act_year": 1990,
    "act_type": "STATE",
    "location": "Assam",
    "law_status": "valid",
    "enactment_date": "1990-05-08",
    "description": "The Assam Cooperative Land Mortgage Bank (Amendment) Act, 1990",
    "preamble": "",
    "section_label": "Section",
    "sections": [
        {
            "number": "1",
            "title": "An ACT",
            "chapter": null,
            "content": "further to amend the Assam Co-\noperative Land Mortgage Bank Act, 1960.\n\nPreamble. — Whereas it is expedient further to\namend the Assam Cooperative Land\nMortgage Bank Act, 1960, hereinafter\nreferred to as the principal Act, in the\nmanner hereinafter appearing;\n\nIt is hereby enacted in the Forty-\nfirst Year of the Republic of India as\nfollows :-",
            "footnote": "Assam Act 1 of 1961",
            "is_definition": false,
            "sort_order": 0
        },
        {
            "number": "1",
            "title": "Section 1.",
            "chapter": null,
            "content": "1. This Act may be called the Assam\nCo-operative Land Mortgage Bank\n(Amendment) Act, 1990.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 10
        },
        {
            "number": "2",
            "title": "Section 2.",
            "chapter": null,
            "content": "2. In the principal Act, in the long\ntitle, for the words, \"Cooperative Land\nMortgage Banks\", the words, \"Cooperative\nAgriculture and Rural Development\nBanks\" shall be substituted.",
            "footnote": "Assam Act I of 1961.",
            "is_definition": false,
            "sort_order": 20
        },
        {
            "number": "3",
            "title": "Section 3.",
            "chapter": null,
            "content": "3. In the principal Act, for the exis-\nting preamble, the following shall be\nsubstituted, namely:-\n\n\"Where it is expedient to faci-\nlitate the working of Cooperative Agri-\nculture and Rural Development Banks in\nthe State of Assam with a view to\nproviding for grant of long-term and\nshort-term loans for the purposes of agri-\ncultural development and activities\nincidental thereto, to finance construc-\ntion of houses in rural areas, to promote\nrural industrialisation by providing loans\nto artisans, craftsmen and small entre-\npreneurs and to advance loans to institu-\ntions and corporate bodies engaged in\nactivities which directly or indirectly\nhelp the farmers and the rural people, in\nthe manner hereinafter appearing;\"",
            "footnote": "Act I of 1961.",
            "is_definition": false,
            "sort_order": 30
        },
        {
            "number": "4",
            "title": "Section 4.",
            "chapter": null,
            "content": "4. In the principal Act, in section I\nand sub-section (1), for the words, \"The\nAssam Cooperative Land Mortgage Bank\"\nthe words, \"Assam Cooperative Agricul-\nture and Rural Development Bank\", shall\nbe substituted.",
            "footnote": "Assam Act I of 1961",
            "is_definition": false,
            "sort_order": 40
        },
        {
            "number": "5",
            "title": "Section 5. (i)",
            "chapter": null,
            "content": "4. In the principal Act, in section 2,-\n\n(i) in clause (b), for the words, \"The\nAssam Cooperative Central Land Mort-\ngage Bank Ltd.\", the words, \"The Coope-\nrative Agriculture and Rural Develop-\nment Bank Ltd.\", shall be substituted;",
            "footnote": "Assam Act I of 1961",
            "is_definition": false,
            "sort_order": 50
        },
        {
            "number": "5",
            "title": "Section 5. (ii)",
            "chapter": null,
            "content": "(ii) in clause (c), for the words, \"Coopera-\ntive Land Mortgage Bank\", the words,\n\"Cooperative Agriculture and Rural De-\nvelopment Bank\"; shall be substituted.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 60
        },
        {
            "number": "6",
            "title": "Section 6. 11 A (1)",
            "chapter": null,
            "content": "6. In the principal Act, after section\n11, the following new section shall be in-\nserted, namely:-\n\n\"11 A (1) Where advance is made\nagainst hypothecation of assets, the Mort-\ngage Bank shall have power to put the\nassets on sale for default by the borrower\nof payment of instalment due.",
            "footnote": "Assam Act I of 1961.",
            "is_definition": false,
            "sort_order": 70
        },
        {
            "number": "6",
            "title": "Section 6. 11 A (2)",
            "chapter": null,
            "content": "(2) No such power shall be exercised\nunless ;-\n\n(a) notice in writing requiring pay-\nment of instalment due has been\nserved upon the borrower; and\n\n(b) default has been made in pay-\nment of such instalments due\nfor three months after such\nservice.\"",
            "footnote": "",
            "is_definition": false,
            "sort_order": 80
        },
        {
            "number": "7",
            "title": "Section 7.",
            "chapter": null,
            "content": "7. In the principal Act, in section 12,\r\nfor the existing provisions of sub-section\r\n(2), the following shall be substituted,\r\nnamely:-\r\n\r\n\"(2) The sale shall be by public\r\nauction and shall be held in the village\r\nwhere the mortgaged property is situated\r\nor at the nearest place of public resort\r\nor in the office of the Sales Officer-\r\nwhichever place, in the opinion of the\r\nSales Officer, is likely to attract the maxi-\r\nmum number of bidders and the property\r\nis likely to sell to better advantage\r\nthere.\"",
            "footnote": "Assam Act I of 1961.",
            "is_definition": false,
            "sort_order": 90
        }
    ],
    "metadata": {
        "Act ID": "199008",
        "Act Number": "VIII",
        "Enactment Date": "1990-05-08",
        "Act Year": "1990",
        "Short Title": "The Assam Cooperative Land Mortgage Bank (Amendment) Act, 1990",
        "Department": "Legislative Department",
        "Type": "STATE",
        "Location": "Assam"
    },
    "updated_at": "2026-09-29 21:55:16"
}