Amendment status not verified — confirm the current text below against the official source.
Substituted by Act No.2 of 1999. Right of *[an Agricultural Development Bank] to pay prior debts of mortgagor. Powers of *[an Agricultural Development Bank] to advance loans and to hold lands. Mode of dealing with applications for loans. 140 [Act No.7 of 1964] given and the manner in which the objections shall be disposed of by him, shall be such as may be prescribed. (2) The prescribed person shall consider every objection made under sub-section (1) and pass an order in writing either upholding or overruling it. When the objection is overruled, he shall recommend the application to the Agricultural Development Bank for its consideration: Provided that, when the question raised by an objection is in the opinion of such person one of such a nature that it cannot be satisfactorily decided except by a civil court, he shall postpone the proceedings on the application until the question has been so decided. (3) A notice under sub-section (1), published in the manner prescribed, shall, for the purpose of this Act be deemed to be proper notice to all persons having or claiming interest in the land to be improved, or offered as security for the loan. (4) Where an application is recommended under sub- section (2) the *[Agricultural Development Bank] shall, in accordance with the rules made in this behalf, consider such application for the purpose of making the loan.