Vidhi Codex

Bare Act

The Kerala Co-operative Land Mortgage Banks (Amendment) Act, 1983

Corporate19833 sections

The Kerala Co-operative Land Mortgage Banks (Amendment) Act, 1983, modifies the 1960 legislation to grant the Board of the Co-operative Land Mortgage Bank greater financial flexibility. Its primary purpose is to allow the Board to issue debentures without requiring the traditional security of mortgages or assets, provided the State Government guarantees the repayment of both principal and interest. This enables the bank to provide loans to government-approved entities more easily. For the ordinary citizen, this ensures that the bank can mobilize funds for development projects even when traditional mortgage-backed assets are unavailable, provided the government backs the financial risk.

Start reading →Read full ActSections
  1. 1. Short title and commencement
  2. 2. Insertion of new section 4B
  3. 3. Amendment of section 7

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