section 43
Registration of document by State Development Bank or District Development Bank
The Madhya Pradesh Sahakari Krishi Aur Gramin Vikas Bank Adhiniyam, 1999Finance199963 sections
Statutory text
- (1) Notwithstanding anything contained in the Indian Registration Act, 1908 (XVI of 1908) or any other Law for the time being in force, it shall not be necessary to register the security furnished in favour of the State Development Bank or a District Development Bank, provided that the State Development Bank or a District Development Bank, concerned sends, within such time and in such manner as may be prescribed, a copy of the instrument whereby immovable property is mortgaged for the purpose of securing repayment of the loan to the Registering Officer within the local limits of whose jurisdiction the whole or any part of the property mortgaged is situated and such Registering Officer shall file the copy in his Book No. 1 as prescribed under section 51 of the Indian Registration Act, 1908 (XVI of 1908). (2) One copy of every mortgage deed executed shall also within thirty days of its receipt be forwarded by the State Development Bank or a District Development Bank, as the case may be, to the Tehsildar or any other officer as may be specified by the State Government in this behalf within whose jurisdiction the land or property is situated for the purpose of making necessary entries in the land records under sub-section (3). (3) Notwithstanding anything contained in the Madhya Pradesh Land Revenue Code, 1959 (No. 20 of 1959), the Land record maintained under the said Code or record maintained under any other law, shall also include the particulars of every charge on the land or property or interest created under the mortgage deed or document executed and a copy of each entry so made shall, within thirty days of the date on which it is made be sent to the Bank concerned.
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