Amendment status not verified — confirm the current text below against the official source.
(1) A mortgage by a raiyar of his holding or any share thereof on mongagc or nriyclti ohet than- holdings. (a) a simplc morlgagc. or (b) a usufructuary mortgage for a period not exceeding iiftccn yem, 'Lor] "(c) a morrgage by dcposit of rille deeds in favour of- (i) a scheduled bank as defined in he Rescrve Bank of India Act, 1934, or 201 1934. 'The word wirhin the squatc bbnckcts wcre omincd by s, 1 l(2) of rhc Wcsr Bend h d Re~orms (Amcndmenr] ACL 1g81 (Wcsr Bcn. Acf L or 1981). w.e.f. 7.8.69. 'The words wilhin Ihe squm bnckus wcrc subsururcd for ihc words "pdrion or simple orusul-uctuary mortgage" by s. 4 oC~hc Wcst Bcngal Lmnd Rcforrru (Amendment) ACI. 1972 (Wcsl Ben. Aci XI1 of 1972). 'Thc word "or" was inscned by s, 6(i), ibid, 'Clausc (c) w a h r insened by s. 6(ii)of lhe Wcsc Ben@ L a d R c f o m (Amndnlcnt) ACL 1972 (W-1 Bcn. Act XI1 o f 1972). thcn the snmc t v s substiturcd by s. 2 or the Wcsr Bcngd h d Reronns (Amcndmcnt) Acl. 1990 (IVcsl Bcn. Acr XXlV of 1990). The We11 B e ~ ~ g a l Latid Refonns Act, 1955. (ii) a cc-operadve land mortgngc bank registered or deemcd 10 bc rcgisrcred under any law for the time bcing in forcc, or (iii) a public financial inslitution rcfcrred to in section 4A of the Cornpanics ACJ. 1956, or (iv) a corporation owned or con~rollcd by h e Cenmal Govcrnrncn~ or h e Slate Government or by bolh thc Cenual Government and h e Starc Government. or (v) the Inlernalional Finance Corporation established under ~ h c Agrcemenl as defined in clausc (a) of seclion 2 of [he International Finance Corporalion (Slams, Immunities and PriviIcgcs) Acl, 1958, or (vi) such othcr iinancial insdruuon, by whatcvcr name callcd, cslablishcd or registered under any law for [he time k i n g in forcc, as the State Gavernmcnt or the Ccntnl Govcrnmcn~ may, by noli fication in ihc Oficial Gazerre, spcciiy, ror the purpose of obmining loan or financid assistance [including debenture as defincd in clausc ( 12) of secuon 2 of the Companies Act, 19561 for the development of he land comprised in the holding of such raiyar or for thc improvement of any agricultural producrion (including horticulture or fishery) or for he development or improvement of any plantation or ror h e eslablishmenl or development of any indusuy. livestock breeding. dairy, poultry hming. commercial unit, educational centre. health centrc, public recreation cenrre or research cenrre upon such land or for the promotion and holding o f sports or cultural or phjlanthropjcal aclivily upon such land or for h e cons~ruc~ion of any housing cstate Tor borra fide residen~ial purposc or any building for providing nccornrnodarion for any office upon such Iand or for such orher activity as the State Govcrnmenl may, by notification in the Oflcial Gazene, spccify, shall be void. (2) A usufructuary mortgage referred to in clause (b) of sub- section (1) may bc rcdcemed at any time before the expiry of the ,,,:"A 598 TIM Wesr Betigul h a d Reforrrrs Act. 1955. [Wesl Ben. Act Kight of