Amendment status not verified — confirm the current text below against the official source.
Certificates of purchase, delivery of property and title to purchaser. Where a sale of mortgaged property has become absolute the Bank shall grant a certificate to the purchaser, in the prescribed form, specifying the property sold, the sale-proceeds, the date of its sale, the name of the person who at the time of the sale is declared to be the purchaser, and the date on which the sale become absolute and upon the production of such certificate, the Sub-Registrar appointed under the Indian Registration Act, 1908 (16 of 1908) within the limits of whose jurisdiction the whole or any part of the property specified in the certificate is situated shall enter a copy of such certificate in the relevant book maintained for such purpose. (2) Where a mortgaged property is sold under the provisions of this Chapter and a certificate is granted to the purchaser under the provisions of sub-section (1 ), Collector shall, on the application of the purchaser, his, their or successor-ininterest, order delivery of .possession to be made to such a person and shall put in possesston such a person or his nominee. 44AA.Title of purchaser not to be questioned on ground of irregularities, etc.-- Where any property is sold in exercise of power of sale under this Chapter, the title of the purchaser shall not be questioned on the ground that- (a) the circumstances required for authorising the sale had not arisen, (b) due notice of the sale was not given, or Secs. 44AB-44AE ] Bihar Co-operative Societies Act, 1935 [49 (c) the power of sale was otherwise improperly or irregularly exercised; but any person who has suffered any damage by an unauthorised, improper or irregular exercise 'bf such power is entitled to have a remedy in damage against the Land Development Bank. 44AB. Mortgage not to be questioned on insolvency of mortgagor.-- Notwithstanding anything in any law relating to insolvency, a mortgage executed in favour of a Land Development Bank shall not be called in question on the ground that it was not executed in good faith for valuable consideration or on the ground that it was executed in order to give the Land Development Bank a preference over the other creditors of the mortgagor. 44AC. Appointment of receiver and his powers.--(1)The Board may, of its own motion or on the application of a Primary Land Development Bank and under circumstances in which the power of sale conferred by section 44U may be exercised, appoint in writing a person other than member of the managing committee of the Land Development Bank concerned to be the receiver of the produce of and income of the mortgaged property or any part thereof and such receiver· shall be entitled either to take possess on of the property or collect its produce and income, or both, as the case may be, to retain out of any money realised by him in expenses or management including his remuneration, if any, as fixed by the Board and to apply to balance in accordance with the provisions of sub-section (8) of section 69A of the Transfer of Property Act, 1882 (4 of 1882). (2)The Board may, for sufficient cause; removes such receiver on an application made by the mortgagor and fill the vacancy in the office of the receiver. (3) Nothing in this section shall empower the Board to appoint a receiver where the mortgaged property is already in the possession of a receiver appointed by a competent court. 44AD. Restrictions on leases.--(1) Notwithstanding anything contained in the transfer of Property Act, 1882 (4 of 1882), or any other law for the time being in force, no mortgagor of property mortgaged to a Land Development Bank shall, except with the prior consent in writing of the bank and subject to such terms and conditions as the bank may impose lease or create to any tenancy rights or any other right, title, or interest in any such property: Provided that the rights of the Larid Development Bank shall be enforceable against the lessee or the tenant, or any other person, as the case may be, as if he himself were a mortgagor. (P) Where the land, mortgaged with possession to a Land Development Bank, is in actual possession of a tenant, the mortgagor or the Land Development Bank shall give notice to the tenant to pay rent to the Land Development Bank during the currency of the lease and the mortgage and on such notice being given, the tenant shall be deemed to have attorned to the Land Development Bank. 44E, Registration of documents executed on behalf of a Land Development Bank.-(1)Notwithstanding anything in the Indian Registration Act, 1908 (16 of 1908), it shall not be necessary for any officer of a Land Development Bank to appear in person or by any agent at any registration office in any proceedings connected with the registration of any instrument executed by him in his official capacity or to sign as provided in section 58 of that Act. (2) Where any instrument is so executed, the Registering Officer to whom such . . . 50) Bihar Co-operative Societies Act, 1935 [ Secs. 44AF-44AJ instrument is presented for registration may, if he thinks fit, refer to the aforesaid officer of the Land Development Bank for any information in respect thereof and on being satisfied of the execution thereof, shall register the instrument. 44AF. Delegation of certain powers by Board.--The Board if it thinks fit, may delegate all or any of its powers under sections 44lJ, 44W, 44X or 44AC to an Executive Committee consisting of three or more of its members constituted by it. 44AG. Provisions of the Transfer of Property Act, 1882 to apply to notice under this Chapter.-The provisions of Sections 102 and 103 of the Transfer of Property Act, 1882 (4 of 1882) and of any rule made by the High Court under section 104 of that Act for carrying out the purposes of the said sections shall apply so far as may be, in respect of all notices to be served under this Chapter. 44AH. Board's power of supervision over Primary Co-operative Land Development Banks.-Subject to the provisions of this Act, the Board shall have such powers of supervision over the Primary Co-operative Land Development Banks, including powers of inspection of account books and proceedings of such bank, as may be prescribed by rules. 44AI. Power to make rules.-The State Government may, after previous publication, make rules for carrying into effect the purposes of this Chapter. (2) Such rule may provide for all or any of the following matters, namely:- (a) the manner of effecting distraint under this Chapter, the custody, preservation and sale of di strained property, immediate sale of perishable articles where such articies are distrained; (b) conduct of the sale of the property mortgaged to Land Development Banks, appointment of sales officers, recovery of expenses of such sale, deposit of the purchase money in connection therewith and resale of the mortgaged property where purchase money is not deposited in sale proceedings: (c) submission of returns and reports by Primary Co-operative Land Development Bank to the State Co-operative Land Development Bank in respect of their transactions periodical statement of accounts between the Primary Co-operative Land Development Banks and the State Cooperative Land Development Bank, payment of amount recovered by the Primary Co- operative Land Development Bank on mortgages transferred to the State Co- operative Land Development Banks the form in which application to Land Development Banks for loans may be made, the properties offered as security for such loans the investment of money realised by Land Development Banks from the mortgagors and matters generally relating to the conduct of business of Land Development Banks: and (d) all matters expressly required or allowed in this Chapter to be prescribed by rules.] '[CHAPTER VI-B Co- operative Banks, 44AJ. Application of the Chapter to Co-operative Banks.-(1) The provisions of this Chapter shall apply to a Co-operative Bank as defined in the Deposit