Amendment status not verified — confirm the current text below against the official source.
Notwithstanding anything contained in any other provisions of this Act, charge on movable or immovable property of a borrower in favour of the 62BA[Kerala State Cooperative Bank]BB[x x x x] or a Primary Agricultural Credit Society or Primary Housing Society 62B[or an Urban Cooperative Bank or any Primary Cooperative Bank or any Primary Cooperative Societies dealing with credit activities] may be created by Gehan in respect of which the provisions of sections 62BC[9 to 15 (both inclusive) and 19 to 28 (both inclusive)] of the Kerala State Cooperative Agricultural and Rural Development Banks Act, 1984 (20 of 1984), as amended from time to time, shall apply with the modification of substituting the words "62BA[Kerala State Cooperative Bank]BB[x x x x]", "Primary Agricultural Credit Society or Primary Housing Society", 62B[or and Urban Cooperative Bank or any Primary Cooperative Societies dealing with credit activities] "Society" and "said Bank or "Society", respectively, for the words, "Agricultural and Rural Development Bank", "primary bank", "bank" and "said banks" occurring in the said sections. Explanation.-- For the purpose of the section, Gehan means a special charge on movable or immovable property, in favour of the 62BA[Kerala State Cooperative Bank]BB[x x x x] or a Primary Agricultural Credit Society or a Primary Housing Society 62B[or an Urban Cooperative Bank or any Primary Cooperative Societies dealing with credit activities] by a mere declaration in writing by the borrower, for securing the payment of money advanced or to be advanced by way of loan, which will have all the characteristics of a valid mortgage.] Inserted by Act 16 of 2004 w.e.f.23-06-2004. Inserted by Act 7 of 2010 w.e.f. 28-04-2010. Substituted by Act 1 of 2019. Prior to the substitution it reads as "State Cooperative Bank" Omitted by Act 1 of 2019. Prior to the omission it reads as "or a District Cooperative Bank" and "or District Cooperative Banks" respectively Substituted by Act 9 of 2024 published in K.G.Ext. No.1829 dt. 07/06/2024 (w.e.f. 07/06/2024). Prior to the Substitution it read as "10 to 15 (both inclusive)"