Vidhi Codex

The Kerala Co-operative Land Mortgage Banks Act, 1960

The Kerala Co-operative Land Mortgage Banks Act, 1960

Corporate196043 sections5 chapters

The **Kerala Co-operative Land Mortgage Banks Act, 1960** is a state legislation governing the establishment, functioning, and regulation of co-operative land mortgage banks across Kerala. It mandates the creation of a three-tier system comprising Primary Land Mortgage Banks, Central Land Mortgage Banks, and the Kerala Co-operative Central Land Mortgage Bank, Limited, to provide long-term loans to farmers and landowners for agricultural development. The Act empowers these banks to raise funds through share capital, deposits, and bonds, while establishing specific governance structures through Boards of Directors and committees (Sections 1-4). It contains essential provisions for bank formation, registration, loan procedures, audit requirements, and disciplinary actions, forming the legal backbone of Kerala's rural credit infrastructure.

Start reading →Read full ActSections

Chapter I Chapter I →

  1. 1Short title, extent and commencement
  2. 2Definitions
  3. 3Admission of land mortgage banks registered under the Madras Co-operative Societies Act, 1932, as members of the Central Mortgage Bank
  4. 4Issue of debentures by the Board
  5. 6Guarantee by Government on principal of and interest on debentures issued under section 4
  6. 7Power of Board to make regulations

Chapter ILL Chapter ILL →

  1. 8Distraint when to be made
  2. 9Distraint how to be effected
  3. 10Sale of property distrained

Chapter IV Chapter IV →

  1. 12Power of sale when to be exercised
  2. 13Application for sale and manner of sale
  3. 14Application to set aside sale on deposit and confirmation of sale in default or on dismissal of such application
  4. 15Distribution of sale proceeds
  5. 16Certificate to purchaser
  6. 17Delivery of property to purchaser
  7. 18Right of Central Mortgage Bank or primary mortgage bank to purchase the mortgaged property at sale
  8. 19Appointment of receiver and his powers
  9. 20Title of purchaser not to be impeached on the ground of irregularity etc.
  10. 21Appointment of sale officer
  11. 22Power of Government to make rules

Chapter V Chapter V →

  1. 23Mortgages executed in favour of mortgage bank, etc., to stand vested in Central Mortgage Bank
  2. 24Powers of mortgage bank in case the mortgaged property is insufficient
  3. 25Power of Board or of Trustee to direct distraint and sale of produce and the sale of mortgaged property, etc.
  4. 26Bank's right to improvements effected by lessee
  5. 27Mortgage not to be questioned on insolvency of mortgagor
  6. 28Priority of mortgage over certain claims of the Government
  7. 29Right of mortgage bank to pay prior debts of mortgagor
  8. 30Power to summon witnesses and requisition documents
  9. 31Registration of documents executed on behalf of the Central Mortgage Bank or of a primary mortgage bank
  10. 32Power of mortgage bank to receive moneys and grant valid discharges notwithstanding assignment of mortgage deeds to the Central Mortgage Bank
  11. 33Special provisions for mortgages executed by managers of joint Hindu families, karanavans of Marumakkathayam tarwads or tavazhis or of Nambudiri Illoms, etc.
  12. 34Special provisions for mortgages by tenants
  13. 35Proof of documents or entries in documents
  14. 36Chapters III and IV to apply to loans advanced by mortgage banks from funds not borrowed from the Central Mortgage Bank
  15. 37Service of notice under the Act
  16. 38Sections 102, 103 and rules under section 104 of the Transfer of Property Act, 1882, to apply to such notices
  17. 39Officers of the Bank not to bid at sales
  18. 40Delegation of powers by Board
  19. 41Starting of branch banks
  20. 42Powers of Board to make regulations
  21. 43Certain rights and liabilities of the Cochin Co-operative Land Mortgage Bank to continue in that Bank
  22. 44Repeals

Chapter IV Chapter IV →

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