State and other Agriculture and Rural Development Banks

(1) There shall be a State Agriculture and Rural Development Bank for the State of Karnataka, and as many Agriculture and Rural Development Banks as may be deemed necessary. (2) A reference to Land Mortgage Bank in any law, or instrument, for the time being in force in the State, shall, with effect from the commencement of the Karnataka Co-operative Societies (Amendment) Act, 1964, be construed as a reference to a Land Development Bank upto the date of commencement of the Karnataka Co-operative Societies (Amendment) Act, 1984 and thereafter as Agriculture and Rural Development Bank within the meaning of this Chapter. (3) With effect from the commencement of the Karnataka Co-operative Societies (Amendment) Act, 1964 and until such time as the names of the Land Mortgage Banks and societies functioning in the State at the commencement of the said Act are changed into Land Development Banks, all acts done by them or mortgages and other documents executed by them, or in their favour, and all suits and other proceedings filed by or against them shall be deemed to have been done, executed or filed, as the case may be, by or against them as Land Development Banks. (4) With effect from the date of commencement of the Karnataka Co-operative Societies (Amendment) Act, 1984 and until such time as the names of the Land Mortgage Banks and Land Development Banks functioning in the State at the commencement of the said Act are changed as Agriculture and Rural Development Banks, notwithstanding anything contained in sub-section (3), all acts done by them or mortgages and documents executed by them, or in their favour and all suits and other proceedings filed by or against them shall be deemed to have been done, executed or filed as the case may be, by or against them as Agriculture and Rural Development Banks.