section 54
Section 8 of Act 32 of 1956 to apply to District Development Bank subject to certain modifications.
The Madhya Pradesh Sahakari Krishi Aur Gramin Vikas Bank Adhiniyam, 1999Finance199963 sections
Statutory text
- (1) Section 8 of the Hindu Minority and Guardianship Act, 1956 (XXXII of 1956), shall apply to security furnished in favour of a District Development Bank, subject to the modification that reference to the Court therein shall be construed as reference to the District Collector or his nominee, and the appeal against the order of the Collector or his nominee shall lie to the Divisional Commissioner.
- (2) Where a minor has a joint interest in the property of a Hindu Undivided Family, it shall not be necessary to seek permission to mortgage his interest in favour of the District Development Bank for advancing loan against the security of such property.
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