Amendment status not verified — confirm the current text below against the official source.
(1) Notwithstanding anvthing contained in the Indian Registration Act, £908 (XVI of 1908) ar any other Law for the time being in force, it shall not be necessary to register the security furnished in favour of the Siate Development Bank cr a District Development Bank, provided that the State Development Bank or a District Developoement Bank, concerned sends. within such time and in such manner as may de prescribed. a cony of the insteument whereby immovable property is mortgaged for the purpose of securing repayment of the loan to the Registering Officer within the local limits af whose jurisdiction the whole or any part of the property mortgaged is situated and such Registering _ Ollicer shall file the -eepy in-his:-Book No. | as prescribed under section 5) of the Tadian Registration Acl. 1908 (XVI of 1908). “(One any ‘of évery ‘mortgage decd exécured shall also within thirty days of its receipt be forwarded hy thé’ Stafe Devélopmetit Bank of a‘ District Develupnient Bahk, as the tase may be, to jhe. Tehsildar-on any: offier' officer aa may be specified by the State Guteremieit in this behalf within ~welinse jurisdigtion, the land:@r-peoperty is situated for the purpese of making ncoessury entries in the land records under sub-section (3). (3) Notwithstanding anything ¢ contained in the Madhya Pradesh Land Revenue Code, 1959 (No, 20 of 19591, the Land record maintained under the said Code or tecord 7 ‘maintained under any "._ othée-law, shall also-includé’ the particulars of every charge on the land'or propétty or intéfest created . under the mortgage deed or document executed and a copy of each entry so made shall, within: thirty _ days af the date on which it is made be seat to the Bank concerned. . ~*"44"° Notiithilanding that a security furnished in favour of a'District Development Bank has been: transferred. or ts. deemed to have been transferred under section 20 to the State _ ? on ~~. ty Bask to retetre Development Banke 70. > - fa) all moneys due onder the security shall, in the absence of any’ y specifi c direction to" “the Contrary issued by the State Development Bank or the Trustee'and communicated * ~ tg'the loafiee shall be payable 16 the District Developaiett Bahk’and ‘sich payiient io shall be valid as if the security furnished had not been so transferred; and tb) the District Development Bank shall. in the absence of any specific direction to the contrary issued by the State Devélopment Bank of the Trustee, be entitiled to sue or take any other proceedings for the recoveries-of moneys due -on the “security furnished. 45, The State Development Bank or any District Development Bank: may grant copies of a any. document oblained and kept by it in the course of its business of any entriés in such documents and any copy so granted shall, when certified in such manner as may be prescribed, be admissible in evidence for any purpose in the same manner and to the same extent as the original document or the ‘entries (herein as the case ‘may be, is admitted. 46, The provisions of Chapters Ui], 1V and V shall apply also t0 loans advanced by a District Development Bank from funds which have not been botrowed by it from the State Development Bank. 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