Amendment status not verified — confirm the current text below against the official source.
Section 26 substituted vide H.P. Act No. 16 of 1987, effective from 16th November, 1987. THE HIMACHAL PRADESH CO-OPERATIVE AGRICULTURE AND RURAL 21 DEVELOPMENT BANKS ACT, 1979 remedy available to the Primary Agriculture and Rural Development Bank to bring to sale the property to which Gehan or mortgage or hypothecation relates without intervention of the court. (2) No such power shall be exercised, unless and until- (a) the Board or the Committee has previously authorised such sale in the exercise of the power conferred on it by sub-section (1), after hearing and deciding the objections, if any, of the person who created the gehan or executed the mortgage or hypothecation, or any other person having any interest in the security property; (b) notice in writing requiring payment of sums due to the Agriculture and Rural Development Bank or any part thereof, has been served upon- (i) the person creating or executing the Gehan or mortgage or hypothecation; (ii) any person who has any interest or charge upon the property to which the Gehan or mortgage or hypothecation relates or any other right to redeem the same; (iii) any surety for the payment of the sums due to the Agriculture and Rural Development Bank or any part thereof; and (iv) any creditor of the person creating or executing the Gehan or mortgage, who has in a suit for the administration of his estate, obtained a decree for sale of the property to which Gehan or mortgage or hypothecation relates; (c) there has been default in payment of such sums due to the Agriculture and Rural Development Bank for a period of six months after service of the notice referred to in clause (b) : Provided that the objection to give such notice to the persons mentioned in sub-clauses (ii) and (iv) shall be confined to cases where the Board or the Committee has notice of such claims; and (d) the Registrar, in case where the amount claimed by the State Bank is disputed, has certified that the amount claimed or lesser amount is due from the person creating or executing the gehan, mortgage or hypothecation.]