Amendment status not verified — confirm the current text below against the official source.
Notwithstanding anything contained in the Travancore-Cochin Co-operative Societies Act, 1951, or the Madras Co-operative Societies Act, 1932 or the rules made under the said Acts, the Board shall have general power of supervision over the primary mortgage banks and may make regulations not inconsistent with this Act or the rules made thereunder-- (a) for the inspection of the account books and proceedings of primary mortgage banks; (b) for the submission of returns and reports by primary mortgage banks in respect of their transactions; (c) for the periodical settlement of accounts between primary mortgage banks and the Central Mortgage Bank and for the payment of the amounts recovered by primary mortgage banks on mortgages transferred, or deemed under the provisions of section 23 to have been transferred, to the Central Mortgage Bank; (d) prescribing the form in which applications to primary mortgage banks for loans should be made and for the valuation of the properties offered as security for such loans; (e) for the investment of moneys realised from the mortgagors; and (f) generally for the purpose of safeguarding the interest of the parties concerned and for carrying out the purposes of this Act.