Amendment status not verified — confirm the current text below against the official source.
Sections 14-A, 14-B, 14-C inserted vide H.P. Act No 16 of 1987, effective from 16th November, 1987. 14 THE HIMACHAL PRADESH CO-OPERATIVE AGRICULTURE AND RURAL DEVELOPMENT BANKS ACT, 1979 as the case may be, on the basis of principles of valuation approved by the Registrar : Provided that the Agriculture and Rural Development Bank and the Primary Agriculture and Rural Development Bank may, for such purposes and for such periods as may be specified by the Government by special or general order, advance loans without such security of land but on the specific guarantee of the Government for the repayment of the principal and payment of interest thereon: Provided further that the Agriculture and Rural Development Bank and the Primary Agriculture and Rural Development Bank may, with the previous approval of the Registrar and subject to such restrictions and limitations as may be prescribed, advance loans for such purposes and for such periods as may be determined by the Board. (2) Notwithstanding anything contained in any other law for the time being in force, the Agriculture and Rural Development Bank or a Primary Agriculture and Rural Development Bank may, under any land development scheme prepared and approved under the provisions of the Himachal Pradesh Land Development Act, 1973 (14 of 1973) or under this Act, grant or advance loans to any person or a group of persons with or without security of land for carrying out the work specified in the scheme, subject to such terms and conditions as are agreed upon between the Government and the Agriculture and Rural Development Bank or the Primary Agriculture and Rural Development Bank, as the case may be. (3) All loans and advances granted and all amounts payable to, or recoverable by, the Agriculture and Rural Development Bank or the Primary Agriculture and Rural Development Bank shall, in case of default of payment, in addition to other remedies available to the Banks, be recoverable in the same manner as if they are arrears of public revenue due on land. (4) All loans and advances granted by the Agriculture and Rural Development Bank under this section shall be granted inconformity with the directions or instructions as may be issued by the National Bank for Agriculture and Rural Development established under section 3 of the National Bank for Agriculture and Rural Development Act, 1981 (64 of 1981). 14-B. Money borrowed for development of land.- Where the Agriculture and Rural Development Bank has granted a loan for improvement of any land situated in any area or areas covered by any specific programme of agricultural development, to a person appearing to the Agriculture and Rural Development Bank to have title to the said land or to be in lawful possession thereof, and the money has been either in whole or in part utilised for such improvement, any person acquiring title to such land on ground of superior title or on any other ground shall be liable to repay to the Agriculture and Rural Development Bank so much of the loan as has been utilised for the improvement of the land together with interest thereon. THE HIMACHAL PRADESH CO-OPERATIVE AGRICULTURE AND RURAL 15 DEVELOPMENT BANKS ACT, 1979 14-C. Loans to persons having restricted rights of transfer.- (1) Notwithstanding anything contained in any law, custom or usage, where the Agriculture and Rural Development Bank makes a loan or an advance to a member belonging to a Scheduled Caste or Scheduled Tribe or to any person having restricted rights of alienation over immovable property, it shall be competent to such member or person to create a Gehan or mortgage or hypothecation on such property in favour of such Agriculture and Rural Development Bank as security for such loan. (2) The Agriculture and Rural Development Bank shall, in the event of default by the member or person and without prejudice to any other remedy available to it either under a law or contract or otherwise, be entitled to take possession of such property and lease the same to any person belonging to the same caste or tribe as the member belongs in case the defaulter is a member of a Scheduled Caste or Scheduled Tribe and in any other case to any person and appropriate the net receipts from the lease in repayment of the moneys due to it; and the member or person shall not be entitled to recover possession of such property until the amount due to the Agriculture and Rural Development Bank has been repaid in full.] CHAPTER-V GRANT OF LOANS-MODE THEREOF