Bare Act
The Tripura Agricultural Credit Operation Act, 1976
The Tripura Agricultural Credit Operations Act, 1976 facilitates the flow of institutional credit to farmers and agricultural workers in Tripura. It applies to agriculturists, commercial banks, state agencies, and cooperative societies engaged in farming, livestock, and related rural enterprises. The law removes legal restrictions that prevent farmers from mortgaging land or charging crops as collateral for bank loans, while exempting these credit transactions from restrictive money-lending rules and land holding ceilings. By establishing clear priorities for land mortgages, streamlining registration processes, and creating fast-track official mechanisms to recover default dues, it makes institutional credit safer and more accessible for rural development.
- 1. Short title extent and Commencement.
- 2. Definition.
- 3. Removal of restriction on alienation.
- 4. State Government may, by notification, vest agriculturists not having a alienable rights with such rights.
- 5. Charge on crop and other movable property in favour of a bank.
- 6. Creation of charge on land in favour of a bank by declaration.
- 7. Removal of disability in creation of charges and mortgages.
- 8. Priority of mortgages and charges.
- 9. Registration of charge and mortgage in favour of banks.
- 10. Noting of charge or mortgage created in favour of a bank in the Record-of-rights.
- 11. Restrictions on creation of tenaney by an agriculturist borrower.
- 12. Removal of bar to attachment and sale by process of court.
- 13. Recovery of dues of a Bank through a prescribed authority.
- 14. Right of a bank to acquire and dispose of immovable property.
- 15. Exemption to banks from restrictions on acquisition of land in excess of ceiling.
- 16. Bank eligible to become member of a co-operative society.
- 17. Powers of co-operative societies to borrow from banks.
- 18. Inspection of books of a co-operative society by a bank.
- 19. Disputes between a bank and a co-operative society.
- 20. Settlement of disputes.
- 21. Procedure for hearing of disputes.
- 22. Decision of Registrar or his nominee or Board of nominees.
- 23. Recovery of money awarded.
- 24. Powers of a bank to proceed against defaulting members of a co-operative society.
- 25. Audit, inspection and inquiry reports of societies to be available to banks.
- 26. Exemption from legislations relating to money lending and agriculturists' debt relief.
- 27. Mortgage executed by managers of Joint Hindu families.
- 28. Modified application of section 8 of Act 32 of 1976.
- 29. Power to make rules.
- 30. Repeal and savings.
PDF: pending for this language.