Amendment status not verified — confirm the current text below against the official source.
Substituted for the words "mortgaged" vide H.P. Act No. 16 of 1987, effective from 16th November, 1987. 18 THE HIMACHAL PRADESH CO-OPERATIVE AGRICULTURE AND RURAL DEVELOPMENT BANKS ACT, 1979 being in force, no mortgagor of property mortgaged to an 1[Agriculture and Rural 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 any tenancy rights on any such property: Provided that, if the lease is given or the tenancy is created with the prior consent of the Bank, the rights of the Bank shall also be enforceable against the purchaser, the lessee or the tenant, as the case may be, as if he himself were a mortgagor. (2) Where land, mortgaged with possession to 2[Agriculture and Rural Rural Development Bank] is in actual possession of tenant, the mortgagor or the 3[Agriculture and Rural Development Bank] shall give notice to the tenant tenant to pay rent to the 4[Agriculture and Rural 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 5[Agriculture and Rural Development Bank]. 6[21. Power of the Agriculture and Rural Development Bank to receive money and grant valid discharge.- Notwithstanding that a Gehan created or mortgage or hypothecation executed in favour of the Agriculture and Rural Development Bank has been transferred, or is deemed under the provisions of section 38, to have been transferred, to the Agriculture and Rural Development Bank,- (a) all moneys due under the gehan or mortgage or hypothecation shall, in the absence of any specific direction, to the contrary issued by the Board or the trustees and communicated to the person who created the gehan or executed the mortgage or hypothecation, be payable to the Agriculture and Rural Development Bank and such payment shall be as valid as if the gehan or mortgage or hypothecation had not been so transferred; and (b) the Agriculture and Rural Development Bank shall, in the absence of any specific direction to the contrary issued by the Board or the trustees and communicated to the Agriculture and Rural Development Bank be entitled to sue on the Gehan or mortgage or hypothecation or take any other proceeding for the