Amendment status not verified — confirm the current text below against the official source.
Secnnt?J for loa?><;.-(1) Sub1ect to the prov1sions of this Act the Agrkultural Developmrnt B;_:~nk ~nd the pnmary banks may advance loans to individuals a.1d mslltulions on the security of lands aPd other,: fixed assets or of assets acquired by the loans borrowed which have been hypothecated to the Agricultural Deve- lopm~nt Bai!k or the pnmary bank, as the case may be, on the basis of pnnciples of valuat;on approved by the Registrar: Provided that the Agncultural Development Bank .and the pnmary banks may, for such purposes and for such penods as may be specified by the Government by special or general order, advance lmms without such secunty of land but on the specific gt:arantee of the Government for the repayment of the prmc1pal and payment of mterest thereon: · Prov!dcd further that "the Agncultural Development Bank and the pnmary banks may, with the prevwus approval of the Regis- trae and sub5ect to such restrJctwns and limitations as may be prescribed, advance loans for such purposes· and for such periods as may be determmed by the Board. (2) Notw1thstandmg anythmg contamed m any other law for lhe lime bemg 111 force, the Agncultural Development Bank or n p1imary bank m"y, under any land development !>Cherne pre- pared and app1 oved u.'der the pl'OVI5lOI!S of the Kerala Land Deve- loplnent Act. 1964 (17 of 1964). grant or auvance loans to any per::,on or .a group of persons 'V!th or without secunty of land for carrymg out the work speclfied m the ~cheme, sub1ect to such terms a'1ct conditiOns as are agreed upor1 between the Government and the Agncultural Development Bank or the primary bank, as the case may be . (3) All loans and advances granted and all amounts payable to or recoverable by, the Agncultural Development Bank or the pnmary br;0.ks shall in case of default of payment,' in addition to ether remedies available to the banks, be recoverable in the same man11er as If they are arrears of public revenue due on land. J 0. Charge on mot'fl.ble or tmmovable p1 operty of borrower for amuunt l borrowed -(1) Notwithstandmg anything contamed in the 1' r· •11.L Co-operative Societies Act, 1969 (21 of 1969), or in any 34j3258j85\MC. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 138 othE>r law for the time being in force, but subject to any claim ot the Government m respect of land n.venue or amounts reco- verable as land revenue, whether pnor m time or subsequent, any person ownmg any land or having mterest 111 any land as tenant ,.,. or occup1er or ownmg any other movable or Immovable property who applies to a primary bank for a loan, shall make a declaration m the prescnbed form creatmg a Gehan or mortgage or hypothe- catiOn m fav~:mr of the pnmary ,bank on the land or other movab!e or Immovable properly or mterest th~;rem or any movable property or movable assets to be acqmred w1th the loan, specified m the declaratiOn, £or the repayment of the loan or advance granted or to be granted Lu htm by the primary hank, together with mterest on such amount ·of the loan or advauce and expressly reservmg m favour of the pr tmary bank a nght of sale wtthout interventiOn of court, in case of detault. ~ - (2) A declaratiOn under sub-section (1) may be varied or can- celled at any time by the member with the prior approval of the prunary bank. (3) No land or other movable or Immovable property or any movable 1Jroperty or JnJvable assets to be acquired with the loan or advance m respect of which a declaratiOn under sub-sectiOn (1) has been made and no part thereot or of the mterests m such land or movable or• tmmova,Ple property shall; without the consent ot the pnmary bank, be sold or otherwise transferred until the entire amount of the loan or advance taken by the member from the pnmary bank, together with mterest thereon has been paid to the bank, and any transactiOn made m contravent~on of. this sub-sectiOn shall be null and void. (4) Notwtthst:;~.ndmg anythmg contamed in the RegistratiOn Act, 1908 (Central Act 16 of 1!:108), or any other law for the time bemg in force, 1t shall not be necessary to register any Gehan or mortgage or hypothecatiOn created or executed m favour of the Agricultural Development Bank or a pnmary bank, provided in the ·Agricultural Development Bank or the primary bank, as the case may be, sends, w1thm such bme and m such manner as may be prescnbed, a copy of the declarat10n or mstrument whereby the Gehan or mortgage or hypothecatiOn has been created or executed tor the purpose of securmg repayment of the loan, to the registering ofhcer wtthm the local limits of whose jurisdictiOn the whole or any part of the property to which the Gehan or mortgage or hypothe- catiOn relates Is situate. t5) On receipt of the copy of the declaration or instrument sent tmdcr su b-sectton ( 4), the retpstermg officer shall file a copy • 1:39 ~'. or .rupies thereof, as the case may be, in Book No. I, referred to in section 51 of the Registration Act, 1908 (Central Act 16 of 1908), and thereupon, such Gehan or mortgage or hypothecation shall be deemed to create an interest m the property to which the declara· twn or instrument relatec;; <:'.nd shall cor.stitute not1ce lo any one deaJmg w\th the sa1d. properly. '-- . " (6) Any person who makes any false statement in a declara- tion unde1· sub-section ( 1) shall be punishable with impnsonment tor a term wh1ch may extend to six months, or with fine which may extend to two thvusand rupees, or wtth both.