Amendment status not verified — confirm the current text below against the official source.
(1) Where a co-operative land development bank, a primary Powers of o housing co-operative society and a primary co-operative credit, c society land -operative advance money on a mortgage out of funds borrowed wholly or in part bdaevelopment from the central co-operative land evelopment bank, the apex housing primary co-operative and a central co-operative bank, respectively, such mortgage housing a shall be deemed to have been transferred with effect from the date of society or execution thereof, by the co-operative land development bank, the primary cPon-mope arYrative co-operative housing society and the primary co-operative credit society credit to the central co-operative land development bank, the apex housing receive to society and the central co-operative bank, respectively, and such mortgage eon of of central co-operative land development bank shall be deemed to be withstanding assigned to the Trustee. assignment or transfer of mortgage (2) Notwithstanding any assignment or transfer of any mortgage by deeds to a a co-operative land development bank, primary housing co-operative central co-operative society or primary co-operative credit society to the central co-operative land lo devepme land development bank, the apex housing society and the central co- bank, apex nt operative bank respectively— housing society or central (a) all moneys due under the mortgage shall, in the absence of co-operative any specific direction to the contrary issued by the Registrar bank. or a Trustee in accordance with the rules and communicated to the mortgagor, be payable to the co-operative land development bank, primary housing co-operative society or primary co-operative credit society, as the case may be, and such payment shall be valid as if the mortgage had not been so assigned or transferred; and (b) the co-operative land development bank, the primary housing co-operative society and the primary co-operative credit society, as the case may be, shall, in the atsence of any such direction communicated to it, be entitled to sue on the mortgage or take any other proceeding for the recovery of the moneys due under the mortgage. 227 The We..s, Bengal Co-operative Societies Act, 973. The special provisions of this Chapter for co-operative land develo- pment bank to apply to branches of the central co-operative land develop- ment bank. Access to documents, etc. Power to enforce attendance of witness and production of documents.