Vidhi Codex

Bare Act

The Himachal Pradesh Co-operative Agriculture and Rural Development Banks Act, 1979

Finance197954 sections1 chapters

This Act establishes the legal framework for co-operative banks in Himachal Pradesh dedicated to agriculture and rural development. It creates a State Bank and Primary Agriculture and Rural Development Banks to provide financial services to the state's rural population. The law defines the structure of these institutions and their operations, including how they secure loans through specific charges like mortgages and a unique instrument called Gehan. By regulating these banks, the Act ensures that rural credit is available and that the interests of debenture holders are protected, supporting the economic growth of the agricultural sector in the state.

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Chapter VII SALE OF MORTGAGED PROPERTY →

  1. 26Power of sale when to be exercised
  2. 27Application for sale and manner of sale
  3. 28Application to set aside sale on deposit and confirmation of sale in default or on dismissal of such application
  4. 29Distribution of the proceeds of sale
  5. 30Certificate to purchaser
  6. 31Delivery of property to purchaser
  7. 32Right of Agriculture and Rural Development Bank to purchase the property at sale
  8. 33Appointment of receiver and his powers
  9. 34Title of purchaser not to be impeached on the ground of irregularity etc.
  10. 35Appointment of sale officers
  11. 36Recovery of loans on certificate by Registrar
  12. 37Collector to make recoveries during a certain period
  13. 38Gehan, mortgages or hypothecation executed in favour and other assets of the Primary Agriculture and Rural Development Banks to stand transferred to State Bank
  14. 39Power of Board of trustee to direct distraint and sale of produce and the sale of property, etc.
  15. 40Gehan or mortgage or hypothecation not to be questioned in insolvency proceedings
  16. 41Priority of Gehan, mortgage and hypothecation
  17. 42Payment of prior debts of mortgagor
  18. 43Power to summon witnesses and requisition documents
  19. 44Registration of documents executed on behalf of a Agriculture and Rural Development Bank
  20. 45Special provisions for Gehan created or mortgage or hypothecation executed by managers of joint Hindu family
  21. 46Proof of documents or entries in documents
  22. 47Service of notice under the Act
  23. 48Officers of the Agriculture and Rural Development Banks and sale officers not to bid at sale
  24. 49Delegation of certain powers by Board
  25. 50Powers of Board to make regulations
  26. 51Primary Agriculture and Rural Development Banks
  27. 52Provisions for guarantee fund to meet certain losses
  28. 53Remission of fees
  29. 54Registrar's power to permit any Co-operative Bank to function as a Agriculture and Rural Development Bank
  30. 55Power of State Government to make rules
  31. 56Repeal
  32. 57Savings

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