Bare Act
The Maharashtra Provision of Facilities for Agriculture Credit by Banks Act, 1974
Finance197422 sections
This Act facilitates the flow of credit to farmers in Maharashtra by simplifying the process for banks to lend money for agricultural purposes. It removes legal hurdles that previously prevented farmers from using their land as security for loans, allowing them to create charges or mortgages on their land and crops in favor of banks. The law also establishes a streamlined mechanism for banks to recover dues if a farmer defaults, including the power to sell charged property. Essentially, it bridges the gap between banking institutions and the agricultural sector, ensuring farmers can access necessary capital while protecting the banks' interests.
- 0. Preamble
- 1. Short title, extent and commencement
- 2. Definitions
- 3. Removal of restrictions on alienation
- 4. Charge on crop and other movable property in favour of a bank
- 5. Creation of charge on land in favour of a bank
- 6. Removal of disability in creation of charges and mortgages
- 7. Priority of charges and mortgages in favour of a bank, Government and co-operative society
- 8. Registration of charge or mortgage in favour of a bank
- 9. Noting of charge or mortgage created in favour of a bank in Record of Rights
- 10. Restrictions on creation of tenancy by agriculturist borrower
- 11. Recovery of dues of a bank through prescribed authority
- 12. Rights of a bank to dispose of immovable property
- 13. Exemption to banks on acquisition of land in excess of ceiling
- 14. Bank eligible to become member of co-operative society
- 15. Inspection of books of co-operative society by a bank
- 16. Disputes between a bank and the co-operative society
- 17. Settlement of disputes
- 18. Recovery of money awarded
- 19. Powers of a bank to proceed against members of a co-operative society
- 20. Audit, inquiry and inspection reports of societies to be available to banks
- I. SCHEDULE
PDF: pending for this language.