The Madhya Pradesh Sahakari Krishi Aur Gramin Vikas Bank Adhiniyam, 1999
The Madhya Pradesh Sahakari Krishi Aur Gramin Vikas Bank Adhiniyam, 1999
The Madhya Pradesh Sahakari Krishi Aur Gramin Vikas Bank Adhiniyam, 1999 provides the legal framework governing agricultural and rural development cooperative banks across Madhya Pradesh. It establishes rules for raising funds through debentures, bonds, public deposits, and government guarantees, while setting guidelines for issuing long-term loans for farming, land improvement, and allied rural industries. The law applies to the state land development bank, district development banks, their trustees, debenture holders, and borrowers. By establishing streamlined loan recovery processes, including direct property distraint and auction powers, the legislation ensures financial stability for credit institutions while expanding affordable development capital for rural communities.
- 1. Short title, Extent and commencement
- 2. Definitions
- 3. Conferral of Registrar's Power
- 4. Transitional Provisions
- 5. Issue of debentures
- 6. Issue of Bonds and Raising of Loans and Deposits
- 7. Appointment and Powers of Trustee
- 8. Guarantee by State Government
- 11. Power of State Development Bank to make regulations for the purpose of this Chapter
- 12. Power to Advance Loans.
- 13. Who can be granted loans and advances.
- 14. Section 14
- 15. Regulation of certain categories of membership.
- 16. Disposal of application for loan.
- 17. Order granting loan conclusive of claim.
- 18. Application for loan from a District Development Bank to be supported by affidavit.
- 21. Priority of claims over securities
- 22. Section 22
- 23. Distraint when to make
- 24. Distraint when to make
- 25. Sale of property
- 26. Power to sell property charged without intervention of a Court
- 27. Application for sale and manner of sale
- 28. Confirmation of sale
- 29. Distribution of sale proceeds
- 30. Grant of Sale Certificate
- 31. Possession of Property
- 32. Right of State Development Bank or District Development Bank to purchase property at sale
- 33. Appointment and power of receiver
- 34. Title of purchaser not to be impeachable
- 35. Cognizance of offences.
- 36. Power to make rules.
- 37. State Development Bank's Power of supervision and making regulations.
- 38. Repeal and Savings.
- 39. Recovery of loan from sale proceeds of agricultural produce in certain cases
- 40. Security not to be questioned in insolvency proceedings
- 41. Restriction on power to Encumber or transfer the property offered as security
- 42. Powers of Registrar to issue summons and requisition
- 43. Registration of document by State Development Bank or District Development Bank
- 44. Power of District Development Bank to receive moneys and grant valid discharges
- 45. Proof of documents or entries in documents
- 46. Application of Chapters III, IV and V to loans advanced by District Development Bank from funds not borrowed from State Development Bank
- 47. Service of notices
- 48. Application of provisiens of Transfer of Property Act, 1882 to notices.
- 49. Officers of Banks and sale Officers not to bid at sales.
- 50. Officers, employees or persons to be public servants.
- 51. Delegation of Powers by the State Development Bank
- 52. Opening of branches.
- 53. Special provisions for security furnished by Karta of a Hindu Undivided Family.
- 54. Section 8 of Act 32 of 1956 to apply to District Development Bank subject to certain modifications.
- 2(21). Definitions
- 8(3). Section 8(3)
- 8(4). Section 8(4)
- 9(1). Guarantee Fund
- 9(2). Guarantee Fund
- 9(3). Guarantee Fund
- 10(1). Power of State Development Bank to make regulations for the purpose of this Chapter.
- 10(2). Power of State Development Bank to make regulations for the purpose of this Chapter.
- 10(3). Power of State Development Bank to make regulations for the purpose of this Chapter.
- 15 (A). Security for loans.
- 15 (B) / 16. Recovery of loans
- unnumbered-1. Money borrowed for Development of Land
- 28(4). Section 28(4)
PDF: pending for this language.