Amendment status not verified — confirm the current text below against the official source.
Notwithstanding anything contained in the provincial Insolvency Act, 1920, or any corresponding law for the time being force, a mortgage executed in favour of a bank shall not be called in question in any insolvency proceed- ings on the ground that it was not executed in good faith for valuable con- sideration or on the ground that it was executed in order to give the bank a preference over other creditors of the mortgagor. Recovery of money awarded. Power of bank to proceed against defaulting members of a co- operative society. Audit inquiry and inspection report of societies to be made available to banks. Exemption- from legislag tions relatin to money lending and relief of agricultural indet bedness. Bom. XXXI