I934 : T.N, Act X]
The Tamil Nadu Co-Operative Land Development Banks Act, 1934
Finance193438 sections4 chapters
This Act establishes the legal framework for the Tamil Nadu Co-operative State Land Development Bank to raise funds by issuing debentures. It allows the bank to borrow money secured by mortgages and assets transferred from primary land development banks. The Registrar of Co-operatives acts as a Trustee to protect the interests of debenture holders, who hold a floating charge on the bank's assets. Crucially, the State Government guarantees the principal and interest on these debentures, ensuring the safety of investments and enabling the bank to provide essential credit to small farmers and agricultural development in the state.
Chapter I PRELIMINARY →
Chapter II DEBENTURES →
- 4Issue of debentures by the Board
- 5Appointment of Trustee and his powers and functions
- 6Guarantee by State Government of principal of, and interest on, debentures issued under section 4
- 7Guarantee by State Government of principal of, and interest on, debentures issued before commencement of the Act
- 8Power of Board to make regulations
Chapter III DISTRAINT AND SALE OF PRODUCE →
Chapter IV POWER OF SALE →
- 13Power of sale when to be exercised
- 14Application for sale and manner of sale
- 15Application to set aside sale on deposit and confirmation of sale in default or on dismissal of such application
- 16Distribution of the proceeds of sale
- 17Certificate to purchaser
- 18Such certificate shall bear date, the day on which the sale became absolute.
- 19Explanation., In this section, "Court" shall have the same meaning as in section 15.
- 20Appointment of receiver and his powers
- 21Title of purchaser not to be impeached on the ground of irregularity, etc.
- 22Appointment of sale officer
- 23The Registrar may appoint sale officers for the purpose of conducting sales under this Chapter.
- 24Power of primary land development bank in case the mortgaged property is wholly or partially destroyed or the security is rendered insufficient
- 25Power of Board or of Trustee to direct distraint and sale of produce and the sale of mortgaged property, etc.
- 26Mortgagor's power to lease
- 27Mortgage not to be questioned on insolvency of mortgagor
- 28Priority of mortgage over other claims
- 29Right of primary land development bank to pay prior debts of mortgagor
- 30Registration of documents executed on behalf of a primary land development bank or of the State Land Development Bank
- 31Power of primary land development bank to receive moneys and grant valid discharges notwithstanding assignment of mortgage deeds to the State Land Development Bank
- 32Special provision for mortgage executed by managers of joint Hindu families, karnavans or Marumakkattayam tarwads or tavazhis or of Nambudri illoms, etc.
- 33Chapters III and IV to apply to loans advanced by primary land development banks from funds not borrowed from the State Land Development Bank
- 34The provisions of Chapters III and IV shall apply also to the loans advanced by primary land development banks from funds which have not been borrowed from the State Land Development Bank.
- 35Whenever under the provisions of this Act notice is required to be given to any person in writing, it shall be sufficient to send such notice by registered post.
- 36Officers of primary land development banks and of the State Land Development Bank and sale officers not to bid at sales
- 37Delegation of certain powers by Board
- 38The Board may, if it thinks fit, delegate all or any of its powers under sections 13, 20 and 25 to an executive committee constituted by it and consisting of two or more of its members.
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