Vidhi Codex

The Karnataka Agricultural Credit Operations and Miscellaneous Provisions Act, 1974

The Karnataka Agricultural Credit Operations and Miscellaneous Provisions Act, 1974

Finance197420 sections4 chapters

This Act regulates the provision of financial assistance to farmers in Karnataka by removing legal restrictions that previously prevented agriculturists from mortgaging their land or crops to secure loans. It applies to agriculturists, co-operative societies, and various credit agencies including banks and regional rural banks. By allowing farmers to use their land and produce as collateral, the law ensures they can access necessary funds for farming activities, improving agricultural productivity and economic stability in the state.

Start reading →Read full ActSections

Chapter I PRELIMINARY →

  1. 1Short title, extent and commencement
  2. 2Definitions

Chapter II ALIENATION OF LAND OR INTEREST THEREIN BY AGRICULTURISTS →

  1. 3Removal of restrictions on alienation
  2. 4Vesting agriculturists not having alienable rights with rights of alienation
  3. 5Charge on crops and other movable property
  4. 6Creation of charge on land or interest therein in favour of a credit agency by a declaration
  5. 7Priority of charges and mortgages over certain claims
  6. 8Mortgage executed by managers of Joint Hindu Families.
  7. 9Registration of charges and mortgage in favour of a credit agency.
  8. 10Noting of charge or mortgage in the Record of Rights.
  9. 10ARegistration of discharge certificates.

Chapter III RECOVERY OF DUES BY CREDIT AGENCIES →

  1. 11Removal of bar to attachment and sale by process of court.
  2. 12Recovery of dues of a credit agency on a certificate by the prescribed officer.
  3. 13Right of a credit agency to purchase and dispose immoveable property.
  4. 14Power to lease.
  5. 15Exemption from registration fee.
  6. 16Power to make rules.

Chapter IV MISCELLANEOUS →

  1. 17Amendment of Karnataka Act 11 of 1959.
  2. 65BInspection of books of co-operative society by a credit agency.(1) A credit agency shall have the right to inspect the books of any cooperative society which has either applied to the credit agency for financial assistance or is indebted to it.

PDF: pending for this language.