Amendment status not verified — confirm the current text below against the official source.
(1) Notwithstanding anything contained in the Kerala Co-operative Societies Act, 1969 (21 of 1969), or the Transfer of Property Act, 1882 (Central Act 4 of 1882) or in any other law for the time being in force, where a Gehan or mortgage or hypothecation has been created or executed in movable or immovable property in accordance with the provisions of sub-section (1) of section 10 in favour of the [Agricultural and Rural Development Bank] or a primary Bank, the Board or committee of such bank or any person authorised by the Board or such committee shall, in case of default in the payment of sums due to the bank, have power, in addition to any other remedy available to the primary bank to bring to sale the property to which the Gehan or mortgage or hypothecation relates without intervention of the Court. (2) No such power shall be exercised unless and until- (a) the Board or the committee has previously authorised such sale in the exercise of the power of sale conferred on it by sub-section (1); (b) registered notice requiring payment of sums due to the primary bank, or any part thereof, has been served upon- (i) the person creating or executing the Gehan or mortgage or hypothecation; (ii) Any person who has any interest or charge upon the property to which the Gehan or mortgage or hypothecation relates or any other right to redeem the same; (iii) any surety for the payment of the sums due to the primary bank or any part thereof; and (iv) any creditor of the person creating or executing the Gehan or mortgage, who has, in a suit for the administration of his estate, obtained a decree for sale of the property to which the Gehan or mortgage or hypothecation relates; and (c) there has been default in payment of such sums due to the primary bank for a period of two months after service of the notice referred to in clause (b): Provided that the obligation to give such notice to the persons mentioned in sub-clause (ii) and (iv) shall be confined to cases where the Board or the committee has notice of such claims. Substituted by Act 19 of 1990 for "Agricultural Development Bank".