Amendment status not verified — confirm the current text below against the official source.
After Section 49 of the principal Act. the following Section^A s h a " b e i n s c r t c d a s a n e w section, namely : — in Assam Act I of “49-A (1) Exemption from registration of mortgage 195°- deeds executed in favour of Co-operative and Development Bank or Primary Society:—Notwithstanding anything contained in th; Indian Registration Act, 1908, it shall not be necessary to register mortgages executed in favour of the Co-operative land development bank or a primary soeiety of which the majority of members are agriculturists, for the purpose of securing the repayment of a loan provided that the land development bank or the primary society concerned send within sueh time and in such manner as may be prescribed, a copy of the instrument whereby immovable property is mortgaged for the purpose of securing repayment of the loan to the registering officer within the local limits of whose jurisdiction the whole or ary part of the property mortgaged is situate. (2) On receipt of the copy or copie* of the instrument under the preceding sub-scction, the Registering authority • shall file a eopy or copies as the case may be in his Book No.l prescribed under section 51 of the Indian Registration Act, 1908. (3) The mortgages executed in favour of and all other assets transferred to a Co-operative land develop ment bank or a primary Society of which the majo rity of members are agriculturists, by the members thereof, as security for repayment of loan, before or af er commencement of this Act. shall, with effect fiom the date of such execution or transfer be deemed to have been executed or transferred by such society in favour of »r to the financing bank.” Amendment