Vidhi Codex

Bare Act

The Meghalaya Credit Operation and Miscellaneous Provisions Act, 1976

Finance197625 sections

This Act regulates agricultural credit, land mortgages, and loan recovery in Meghalaya. It applies to local farmers, commercial and cooperative banks, and cooperative societies. The law matters because it enables farmers to secure essential institutional loans by pledging land, interest, or future crops as collateral, overriding conflicting customary land laws. To encourage bank lending, it simplifies mortgage registration, grants banks repayment priority over other private creditors, and exempts these agricultural loans from restrictive lending laws. Ultimately, it strengthens the rural economy by streamlining access to capital while protecting financial institutions with efficient government debt recovery mechanisms for all borrower defaults.

Start reading →Read full ActSections
  1. 1. Short title, extent and commencement
  2. 2. Definitions
  3. 3. Removal of restrictions on alienation.
  4. 4. Charge on crops and other movable property created in favour of a bank.
  5. 5. Creation of charges on land in favour of a bank by declaration.
  6. 6. Priority of mortgages and charges.
  7. 7. Registration of charge and mortgage in favour of banks.
  8. 8. Noting of charge or mortgage created in favour of a bank in the Record of Rights.
  9. 9. Restrictions on creation tenancy by an agriculturist borrower.
  10. 10. Recovery of dues of a bank through a prescribed Authority.
  11. 11. Rights of a bank to acquire and dispose of immovable property
  12. 12. Exemption to banks from restrictions on acquisition of land in excess of ceiling.
  13. 13. Bank eligible to become member of a Co-operative Society.
  14. 14. Power of Co-operative Societies to borrow from banks.
  15. 15. Inspection of books of a Co-operative Society by a Bank
  16. 16. Disputes between a bank and a Co-operative Society
  17. 17. Settlement of dispute
  18. 18. Procedure for hearing of disputes.
  19. 19. Decision of Registrar or his nominee or Board of nominees.
  20. 20. Recovery of money awarded.
  21. 21. Power of a bank to proceed against defaulting members of a Co-operative Society.
  22. 22. Audit, inspection and inquiry reports of Societies to be available to banks.
  23. 23. Exemption from legislation relating to money lending and agriculturists’ debt relief
  24. 24. Extension to other developmental purposes.
  25. 25. Power of State Government to make rules.

PDF: pending for this language.