Amendment status not verified — confirm the current text below against the official source.
Defimtwn.-In this Act, unless the context otherwise requires,- ( a) "Agricultural Development Bank" means the Kerala Co-operative Ce.ntral Land Mortgage Bank Limited, registered under sectwn 10 of the Travancore-Cochin Co-operative Societies Act, 1951 (X 0f 1952), which shall her~after be kiwwn as the "Kerala State Co-operative Agricultural Development Bank Limited"; (b) "Board" means the board of directors of the Kerala State Co-operative Agricultural Development Bank Limited; (c) "Committee" in relation to a primary bank, means the- board of directors or board of management or the committee of management or the governing body to which the management of its I affairs is entrusted; ~Received the nssent of the President on the 30th day of July, 1984 and published In the Kcrala Gazette Extraordinary ~o. 764 dated the 29th August, 1:~84 {d) ''co-operative society", means a co-operative society registered or deemed to be registered under the Kerala Co-operative Societies Act, 1969 (21 of 1969) ; · (e) "Gehan" means a special charge on movable or im- movable property, 111 favour of the Agricultural Development Bank or a primary bai•k by a mere declaration in writing by the borrowers tor ::;ecurmg the payment of money advanced or to be advanced by way of loan, wh1ch. will have all the characteristics of a valid mortgage; · (f) ·"prescribed" mean::; pre1cnbed. ·by rules made under this Act;· (g) "primary agricultural credit society" means a co- operative society, majority of the members of which are agriculturists and the principal obJect of which ts the 1a1sing of funds for lending to its members primarily for agncultur~ :md alhed purposes, (h) "primary bank" means a co-operative society registered under lhe Kcrala Co-operative Societies Acl, 1969 (21 of 1969), as a Primary Co-operative Agricultural Development Bank Limited and · admitled as a member of the Agncultural Development Bank and mcludes a co-operative society regtstered or deemed to be registered under the said Act as a Primary Co-op2rat1ve Land Mortgage Bank Limited and admitted ·as a member of the Kerala Co-operative Central Land Mortgage Bank Limited which shall hereafter be ltnown as ::J. Primary Co-operative Agricultural Development Bank Limited; (i) ''Registrar" means the Reg1strar of Co-operative Socir- .. tles appointed un,der sub-section (1) of section 3 of the Kerala Co-operative Societies Act, 1969 (21 of 1969); (j) ''State" means the State of _Kerala, (k) "Trustee" mean., the Trustee referred to in sectiOn 5. CHAPTER U DEBENTURES . . i Issue of debenturea by Boa.r<J.-(1) With the previous ' ' I i I sancL1 m of the Trustee, the Board may issue debentures of one or \__ more denominations f.Or such period as It may deem expedient on J--_ the security of Gehan or mortgage 01· hypothecatfon held or mortgages, charges or hypothecation partly held and partly to be acquire~ or other assets taken by, the Agricultural Development 133 Bank and its other assets and Gehan or mortgages or hypothecation transferred or deemed under the provisionR of sect1on 13 to have been transferred by the pnmary banks to the Agricultural Develop- ment Bank. • . (2) Notwithstanding anything contained in sub-section (1). m respect of loans guaranteed by the Government and granted to any person or to any body of persons, whether incorporated or not, and whether or not established by or under any law for the time . belllf; m force, 1f such a body is approved by the Government, the .Hoard may, w1th the previous permission of the Trustee, issue debentures, . on the strength of such Government guarantee and wtthout the security of Gehan or mortgages or hypothecation and other assets, of one or more denommations, for such periods as it may deem expedient and subject to such conditions as the Govern- ment may think fit to impose. (3) The debentures 1ssued under sub-section (2) may contain a term fixing a period not exceedmg thmty years from the date of tssue during which' they shall be irredeemable or reserving to the Hoard the right to call in; at any time, any of the debentures m. advance of the date fixed for redemption after gwmg the debenture holder concerned not less than three months' notice in Writmg. , . . ( 4) The total amount due on the debentures issued by the Hoa.rd and outstanding at any time, shall not exceed the aggregate ot the amounts clue on the Gehan or mortgages or hypothecation and other assets and Government guarantee referred to m sub- section (2) and ihe.amounts paid thereunder and remaming m the 11ands of the Board or of the Trustee at suc.h time.