Amendment status not verified — confirm the current text below against the official source.
(1) The Trustee may direct the Statc Development Bank to take action against a defaulter under section 23 ar section 26 or section 36 and if the State Development Bank neglects or fails to do so ihe trustee may take such action. (2) The State Development Bank or the trustee may direct the District Development Bank to iake aclion agains! a defaulter under section 23 or section 26 or section 36 and if the District . Development Bank neglects or fails:40-d6 so-the: State. Developmen Bank or the trustee ma take auch action. . : Roe , mone (3) Where action is taken by the State Development Bank under sub-section On then the provisions of this Act and of any_rules or regulations made thereunder shal] apply in respect thereto as if ull references tothe District Development Bank: fee Sc: pmv eons were references to the, State Development § Bark. -_ af te (4) Where action is taken by the trustee under sub-section (1) or. @ then the p provisions of this . Actoad.af any: rules. or regulations made thereunder shall.apply.i in-teggnct thereto as.if all. references 10 the State Development Bank or the District Developm Bank as the. case may be, in n the said provisions were references to the trustee, ® Notwithstanding anything contained in any law For ie tre Bein Foe, the improvement, if anyo tnade by-the- owner or lessee.as the! case may be of the property fubnished as security subsequent to the date of the advancement of loan by the State Development Bank or a. District Development Bank, shall be treated as accession to the property and shall be available to such Bank for realisation, of the loan advanced. _39.(1Y Notwithstanding anything contained: ini aity | law for the dime sing ia force an a applica for a loan from a’ Distriet Development Bank. may execute: an agreemeat-in:favour-of that Bank providing that it shall be tawful for the marketing co-operative societies-or- any other institutions constituied under faw through which the agricultural produce belonging to the applicant i is ; marketed, io deduct such amontas may be specified in the agreement fram the sale proceeds of sich agricultural produce markeled. through such co-operative societies or institutions and to pay the amount so deducted 10 such District Development Bank i in satisfaction of asiy dein oO other demand due from the re applicant io that Bank. . (ri) On execution of an agreement as provided in sub-section (1), the marketing co-operalive - aaciely ar any other institutions referred to in that sub-section shall.-on a requisition, in writing by | the District Development Bank and so long as such debt or demand or any part of it remains unpaid, "make :t deduction, in accordance with the requisition, from the sale proceeds of the agricultural produce belonging to the applicant and marketed through them and pay the amount so deducied to the District Development Bank within such period as may be prescribed from the date of deduction. "> bb if the market ‘Co-operative Society or-any other institutions ceferted fa.in:sab-tection (I) fails ts make te payment:to the Bank within aforesaid time, the marketing co-operative societies of any olher institutions referred i in: sub-section (1) shall be liable to. ,Pay interest on the. amount 80 recovered at the § sainé raié which is recoverable from the borrower, in case’ of défault: (cl Alter recdipt of the aforementioned deducted ‘sipoune by the Stme Development. Bank ‘or District Development Bank, . as the case may be. the obligation of the borrower shall be discharged upto such extent, (3) Any payment made. by a marketing co-operative society or any ather institutions under sub- seclion (2) shall be valid and effective against any demand upon such society or institution. 15 Powers of State Development Bask and trusice te direct disiraial and osake oof produce and sale of property. 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(%) fsah ie fe wrt ae eT HIT TT HT ST; zeaeal St te wel & fee er Bea, AR wate wi atten & fore Stes ARE ECT. (a) (m) (2) Pent (2) Bea a Tae ah stan BU wan fin we TH TG Tae Het ae ay 8 a cab eed 9 ot re £ saga fiesta A 2 tt oh afte rh mae & ag Se tet arent 2 a te By aa (9) ret oar ey, Paes toe oar ( 4) TUT (2) ares a fg a Feet SEA ag ogee eh ced hr tt 6, 37 cette a vat aed ot a ate, fod dar fear sreere GAA, BA at ew seen frat eT saflepe ET wee eit AR Fa ER set mg yiafenral, seas @ tet fa A, fete Vt se wees ex St ug , fis veto & fore sat “he A ate sal hen we wed Fo wer Wt Sa eae, as cea aT aah F- wffeat re7 ere €. : x) BRE fe, SI goer () A STURT (2) Bs sree aE fay ag fied we, srETTAH aT STE harp a erg wit tq & fen raat che, we THE afar OT RA TA @, oh ws TER A fer as eh ev aie er AY ai, eeETS EMT: 6 (4) Notwithstanding anything contained in-sub-section (1) the amount of deduction from: the sale procecd shall aot be more than the Percentage declared by the Regisirar by General or special order 18 this behalf, (31 Where loans have been taken by the borrower from more than one Bank the distribution if the deducted amaunt shail be apportioned amongst different Banks al such rate as may be fixed hy the Registrar From time to time.