Bare Act
The Kerala State Co-operative Agricultural Development Banks Act, 1984
Finance198452 sections
This Act establishes the legal framework for the Kerala State Co-operative Agricultural Development Banks, which are specialized financial institutions designed to provide credit to farmers and agricultural enterprises. It applies to the entire state of Kerala and governs the operations of the central bank and its primary member societies. The law allows these banks to raise funds by issuing debentures and bonds secured by mortgages or special charges on property, ensuring they have the necessary capital to lend money for agricultural purposes. By regulating these financial activities, the Act aims to strengthen the rural economy and support the agricultural sector through organized cooperative banking.
- 1. Short title, extent and commencement
- 2. Definitions
- 3. Issue of debentures by Board
- 4. Power to borrow money by issue of bonds or by way of loans
- 5. Appointment and powers and functions of Trustee.
- 6. Guarantee by Government on principal of and interest on debentures, bonds and loans.
- 7. Power of Board to make regulations for purposes of this Chapter.
- 8. Powers of agricultural development banks to advance loans.
- 9. Security for loans.
- 10. Charge on movable or immovable property of borrower for amount borrowed.
- 11. Applicant for loan from primary bank to furnish declaration
- 12. Priority of Gehan, mortgage and hypothecation
- 13. Transfer and vesting Gehan, mortgage and hypothecation with Agricultural Development Bank
- 14. Money borrowed for development of land
- 15. Loans to persons having restricted rights of transfer
- 16. Distraint when to be made
- 17. Distraint how to be effected
- 18. Sale of property distraint
- 19. Power of sale of property charged without intervention of court
- 20. Application for sale and manner of sale
- 21. Application to set aside sale on deposit and confirmation of sale in default or on dismissal of such application
- 22. Distribution of sale proceeds
- 23. Certificate to purchaser
- 24. Delivery of property to purchaser
- 25. Right of Agricultural Development Bank or Primary Bank to purchase property at sale
- 26. Appointment of receiver and his powers
- 27. Title of purchaser not to be impeached on the ground of irregularity etc.
- 28. Appointment of sale officer
- 29. Powers of Agricultural Development Bank in case security property is insufficient
- 30. Power of Board or Trustee to direct distraint and sale of produce and sale of mortgaged property etc.
- 31. Bank's right to improvements effected after Gehan or mortgage or hypothecation
- 32. Deduction from sale proceeds of agricultural produce in certain cases
- 33. Gehan or mortgage or hypothecation not to be questioned in insolvency proceedings
- 34. Right of Agricultural Development Bank to pay prior debts
- 35. Power to summon witnesses and requisition of documents
- 36. Exemption from personal appearance and registration
- 37. Power of Primary Bank to receive money and grant valid discharges
- 38. Proof of documents or entries in documents
- 39. Chapters IV and V to apply to loans advanced by primary banks from funds got borrowed from Agricultural Development Bank
- 40. Service of notices under the Act
- 41. Sections 102 and 103 and rules under section 104 of the Transfer of Property Act, 1882 to apply to notices under the Act
- 42. Officers of bank not to bid at sales
- 43. Delegation of powers by Board
- 44. Starting of branch banks
- 45. Power of Board to admit members
- 46. Primary agricultural credit societies to be admitted as members of primary banks in certain cases
- 47. Transfer of assets and liabilities of the Kerala Co-operative Central Land Mortgage Bank and Primary Land Mortgage banks
- 48. Power of Board to make regulations
- 49. Cognisance of offences
- 50. Power to make rules
- 51. Certian rights and liabilities of Cochin Co-operative Land Mortgage Bank to continue in that Bank
- 52. Repeal and Savings
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