Section 15C(1)

{
    "act_title": "THE GUJARAT LAND IMPROVEMENT SCHEMES ACT, 1942.",
    "act_slug": "the-gujarat-land-improvement-schemes-act-1942",
    "section_label": "Section",
    "section": {
        "number": "15C",
        "title": "Section 15C(1)",
        "chapter": null,
        "content": "15C. (1) Notwithstanding anything contained in this Act, where any work under any\nscheme is to be carried out or is completed by the Company, by use of the funds\nborrowed by it from any scheduled bank and in consequence thereof a charge is\ncreated upon any land in favour of the Company under section 15A all the rights and\nliabilities of the Company for recovery of cost (including interest) of the said work or\nof any part thereof, with the priority therefor under section 15A, shall stand\ntransferred to and vest in the scheduled bank-\n(a) upon the Company preparing an interim or final statement under section\n13A and notifying the same to the scheduled bank from which the funds are\nborrowed by the Company;\nor\n(b) upon such scheduled bank notifying to the Company its acceptance of all\nowners or any of the owners named in the statement as its debtors, instead of\nbeing debtors of the Company:\n\nProvided that, where the scheduled bank does not accept all the\nowners but accepts only some of the owners, named in the statement as its\ndebtors, then the rights and liabilities of the Company, with the priority\ntherefor, in respect of lands of only those owners who are accepted as its\ndebtors, by the scheduled bank shall stand transferred to and vest in the\nscheduled bank.",
        "footnote": "II of 1934.",
        "is_definition": false,
        "sort_order": 590
    },
    "prev_section": "15B",
    "next_section": "15C"
}