Amendment status not verified — confirm the current text below against the official source.
Substituted for the word "mortgages" vide H.P. Act No 16 of 1987, effective from 16th November, 1987. THE HIMACHAL PRADESH CO-OPERATIVE AGRICULTURE AND RURAL 11 DEVELOPMENT BANKS ACT, 1979 calculated under clause (a) increased by such portion of the amount obtained on the debentures as is not covered by a 1[Gehan, mortgages or hypothecation]. 2[11-A. Power to borrow money by issue of bonds or by way of loans.- (1) Notwithstanding anything contained in the Himachal Pradesh Co- operative Societies Act, 1968 (3 of 1969) the Board may, with the prior approval of the Government and subject to the regulations made under this Act, borrow money by issue of bonds: Provided that the issue of the bonds shall be in conformity with such directions or instructions as may be issued by the Reserve Bank of India or the National Bank for Agriculture and Rural Development from time to time. (2) The bonds shall be in the form of promissory notes and shall be repayable on the expiry of such period or periods from the date of issue thereof as may be approved by the Reserve Bank of India or the National Bank for Agriculture and Rural Development: Provided that the Board may repay the amount due under the bonds at any time before the period or periods so fixed, after issuing a notice in such manner as the Board may direct in that behalf to the holders of the bonds. (3) Notwithstanding anything contained in the Himachal Pradesh Co- operative Societies Act, 1968 (3 of 1969), the Board may borrow money by way of loans from the Government, the National Bank for Agriculture and Rural Development, the Reserve Bank of India or such other financial institutions as may be approved by the trustee]. 3[12. Charge on movable or immovable property of the borrower for amounts borrowed.- (1) Notwithstanding anything contained in the Himachal Pradesh Co-operative Societies Act, 1968 (3 of 1969) or in any other law for the time being in force, any person owning any land or having interest in any land as tenant or occupier or owning any other movable or immovable property who applies to the Agriculture and Rural Development Bank for a loan, shall make a declaration in the prescribed form creating a Gehan or mortgage or hypothecation in favour of the Agriculture and Rural Development Bank on the land or other movable or immovable property or interest therein or any movable property or movable assets to be acquired with the loan, specified in the declaration, for the repayment of the loan or advance granted or to be granted to him by the Agriculture and Rural Development Bank, together with interest on such amount of the loan or advance and expressly reserving in favour of the Agriculture and Rural Development Bank a right of sale without intervention of court, in case of default.