Setting up of Debt Conciliation Boards

Finance193440 sections8 chapters

Part IV Part IV

Statutory text

(a) The '[State] Governmeit may for the purpose of amicable settlement between debtors and their creditors establish debt conciliation boards.
(b) The ³[State] Govemment shall define the local limits of the area in which a board shalI have jurisdiction.
(c) The '[State] Government shaIl determine the pecuniary limit's of the jurisdiction of the Board, provided that no board shall have jurisdiction to make a settlement between a debtor and his creditors if the total debts ofthe debtor exceed a. 10,000 or such larger amount as the ⁷[State] ~ove-eit may , pies&ibe . for any area
(d) Such bead shall consist of a chairman and ⁷[one] or more members to be appointedby the '[State] Government : ³[ Provided that no act done or proceeding taken by a board under this Act shall be called into question an the ground merely of the existence of , why vacancy in any board].
(e) The chairman and every member of a board so established shall be appointed for a term not exceeding three years, but shall be eligible for reappointment on the expiry of his term.
(f) The qunnim of a board shdl he prescribed by the '[Statc] Government.
(g) Where the chairman and members of a board are not unanimous, the opinion of the majority shall prevail, and, if the board is equally divided, the chairman shall exercise a casting vote.

(2) The '[State] Government may canceI the appointment of my member of a board or dissolve my board.
(3) The '[State] Government shalI notify in the ⁴[JOficial Gazette]-
- (a) the establishment of a board and thc appointment of its rndbers ; and the board shall be deemed to have been established and its members appointed from the date specified in such notification or notifications ;
- (b) the cancellation of [he appointment of any member of a board; and Eom the date specified in such notification the member shall cease to be a member of the board;
- (c) the dissoIution of a board; and from the date specified in such notification the board shall cease to exist.
(4) When a board is dissolved or ceases to exist otherwise, the '[State] Government may at any time establish another board within the same Iocal limits in which the farmer board had jurisdiction and may declare this-board to be the successor in office of the first board and may confer on it power lo dispose of such applications under section 13
(2) and section 23 as the '[State]

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