Amendment status not verified — confirm the current text below against the official source.
(1) If the creditors. to whom not less than fOJ settlemeer, of the total amount of the debtor's subsisting debts i~.lI rqinra- come to an amicable settlement with the debtor, tiffiD e and ment shall forthwith be reduced to writing in the e ec . agreement recording the immoveable properties of with parrieulars of any mortgage, lien or charge subsis on, a~d the amounts payable to such creditors and tl In which and the limes at which they are to be p. agreement shall be read out and explained ( 0 the p cerned, and shall be signed or otherwise authenticat Board and the parties : Provided that, when a Co-operative Society is or creditors, no settlement, in so far as it affects the del)H such Society, shall be valid without the previous ap; writing of the Registrar of Co-operative Societies. (2} An agreement thus made shall, within 14 days date of its making, be registered under the Indian R,,! Act , 1908, by the Chairman of the Board. in such rnanne be proscribed, a nd it shall then take effect as if it were , of the Civil Court. (3) For the purpose of registration of an agreemei sub-section (2). th e Chairman of the Board shall be deem an officer of Government empowered to e-xecute such ar ment within the m eani ng of section 88 of the Indian Regi . . Act, 1908. E>ci"mg (4) Where an agreement registered under sub-see i::~~erelates t? a debt which is secured by a mortgage, lien or to su~ut . on any Immovable property of the debtor, such mortgag or charge shall subsist to the extent of the amount payable creditor in respect of such debt in accordance with the It the agreement until such amount has been paid or the pr R t has been sold for the satisfaction of such debt. 1U",,="e;j~e