Amendment status not verified — confirm the current text below against the official source.
(1) Subject to the provisions of this Act the [Agricultural and Rural Development Bank] and the primary Banks may advance loans to individuals and institutions on the security of lands and other fixed assets or of assets acquired by the loans borrowed which have been hypothecated to the [Agricultural and Rural Development Bank] or the primary bank, as the case may be, on the basis of principles of valuation approved by the Registrar; Provided that the Agricultural Development Bank and the primary Banks may, for such purposes and for such periods as may be specified by the Government by special or general order, advance loans without such security of land but on the specific guarantee of the Government for the repayment of the principal and payment of interest thereon; Provided further that the Agricultural Development Bank and the primary anks may, with the previous approval of the Registrar and subject to such restrictions and limitations as may be prescribed, advance loans for such purposes and for such periods as may be determined by the Board. (2) Notwithstanding anything contained in any other law for the time being in force, the Agricultural Development Bank or a primary bank may, under any land development scheme prepared and approved under the provisions of the Kerala Land Development Act, 1964 (17 of 1964), grant or advance loans to any person or a group of persons with or without security of land for carrying out work specified in the scheme, subject to such terms and conditions as are agreed upon between the Government and the Agricultural 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 Agricultural Development Bank or primary Banks shall, in case of default of payment, in addition to other remedies available to the Banks, be recoverable in the same manner as if they are arrears of public revenue due on land. Substituted by Act 19 of 1990 for "Agricultural Development Bank". Substituted by Act 19 of 1990 for "Agricultural Development Bank".