CO-OPERATIVE AGRICULTURE AND RURAL MULTIPURPOSE DEVELOPMENT BANKS
111.
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This Chapter shall apply to-
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(a)
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any co-operative bank or banks advancing
loans other than short term loans, to or through the Co-operative Agriculture
and Rural Multipurpose Development Bank for the purposes herein enumerated
(hereinafter referred to as the Agriculture and Rural Development)",
namely:-
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(i)
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Agricultural or rural development;
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(ii)
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Purchase of, or acquisition of title to,
agricultural lands by tenants, occupants and assignees under any law for the
time being in force;
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(iii)
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Liquidation of Government, Institutional
and other secured debts to agriculturists;
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(iv)
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Acquisition, construction, rebuilding or
repairing of dwelling houses in rural area.
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(b)
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Any other society permitted by the
Registrar under Section 142 to function as a Co-operative Agriculture and
Rural Multipurpose Development Bank.
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Explanation: For the purpose of this
section,
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I.
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the expression "short term
loan" means a loan for a duration of less than 18 months; and
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II.
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The expression "agricultural or
rural development" means any work, construction or activity pertaining
to agricultural and rural development which includes the following, that is
to say: -
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(i)
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construction and repairs of wells (including
tube wells), tanks and other works for storage, supply or distribution of
water for the purpose of agriculture, or for the consumption of human beings
and cattle employed in agriculture,
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(ii)
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Making agricultural lands fit for
cultivation, improvement of lands including development of sources of
irrigation.
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(iii)
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renewal or reconstruction of any of the
foregoing works, or alterations therein or additions thereto,
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(iv)
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preparation of lands for irrigation
including command area development,
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(v)
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drainage to, and reclamation from, rivers
or other waters, or protection from floods or erosion or other damage by
water, or land,
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(vi)
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Bonding and similar improvements.
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(vii)
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reclamation clearance and enclosure or
permanent improvement of land for agricultural purposes,
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(viii)
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horticulture,
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(ix)
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purchase of tools, implements, machinery
including oil engines, pumping sets, electric motors for any of the purposes
mentioned herein,
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(x)
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purchase of tractors or power tillers or
any other agricultural machinery,
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(xi)
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increase in productive capacity of
agricultural lands,
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(xii)
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construction, rebuilding or repairing of
farm houses, cattle-sheds and sheds for processing or repairing agricultural
or cottage or village industrial products,
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(xiii)
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purchase of machinery for processing of
agricultural produce,
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(xiv)
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purchase of lands for consolidation of
holding under the relevant law for the time being in force,
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(xv)
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animal husbandry, and dairy farming such
as purchase of the milky cattle, rearing of crossbreed female calves, cattle
breeding, sheep and goat rearing, piggery, poultry farming and purchase of
bullocks,
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(xvi)
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plantation including free crops,
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(xvii)
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forestry;
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(xviii)
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pisciculture including development of
inland and marine fisheries, catching of fish and all activities connected
therewith or incidental thereto,
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(xix)
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sericulture or apiculture,
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(xx)
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marketing, storage including rural
warehouses, Godowns and cold storage and transport of agriculture, cottage
and industrial products, acquisition of implements and machineries in
connection with such activities including animal-driven carts,
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(xxi)
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market yards for agricultural produce,
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(xxii)
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bio-gas plants,
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(xxiii)
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working capital or production credit to
borrowers or investment credit,
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(xxiv)
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setting up of cottage and village
industries,
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(xxv)
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purchase of shares in co-operative sugar
factories or in any processing industry of agricultural produce,
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(xxvi)
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social forestry,
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(xxvii)
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such other purposes as the State
Government may, from time to time, by notification in the Official Gazette,
declare to be agricultural or rural development purposes, or
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(xxviii)
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All activities incidental to, or
ancillary to, the abovementioned purposes.
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112.
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State and other Co-operative Agriculture
and Rural Multipurpose Development Bank-
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(1)
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There shall be State Co-operative
Agriculture and Rural Multipurpose Bank for the State of Maharashtra. If
considered necessary by the State Government, in the “interest of the society”
[* Was substituted By MAH. XXIV of
1961] or in the interest of the co-operative movement, there may be one
or more District Co-operative Agriculture and Rural Multipurpose Development
Banks, but nothing in this sub-section shall be taken to require the
establishment or continuance of any District co-operative Agriculture and
Rural Multipurpose Development Banks.
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(2)
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A reference to Land Mortgage Bank or to a
Land Development Bank or to an Agriculture and Rural Development bank in any law, or instrument, for
the time being in force in the state, shall with effect from the commencement
of this Act, be construed as a reference to a Co-operative Agricultural and
Rural Multipurpose Development Banks within the meaning of this chapter.
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(3)
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With effect from the commencement of this
Act, and until such time as the names of the Land Mortgage Banks or of the
Land Development Bank or to an Agriculture and Rural Development Bank and
societies functioning in the State at the commencement of this Act are
changed into Co-operative Agriculture and Rural Multipurpose Development
Banks, all acts done by them or mortgages and other documents executed by
them or in their favour, and all suits and other proceedings filed by or
against them shall be deemed to have been done, executed or filed, as the
case may be, by or against them as Co-operative Agriculture and Rural
Multipurpose Development Banks.
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112-A.
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District Loan Committee, its
constitution, term of office of delegates, causal vacancies, powers of such
Committee etc.
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(1)
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Notwithstanding anything contained in
this Act, or in the rule made there under, or in the bye-laws of the State
Co-operative Agriculture and Rural Multipurpose Development Bank.
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(a)
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There shall be a District Loan Committee
for each District excluding the city of Bombay District and Bombay Suburban
District.
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(b)
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Every District Loan Committee shall
consist of
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(i)
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“not more than
twenty-one delegates, to be elected from Taluka in a District including the
delegates from reserved categories, one from the persons belonging to the
Schedule Castes or Schedule Tribes, one from the persons belonging to Other
Backward Classes, one from the persons belonging to De-notified Tribes
(Vimukta Jatis) or Nomadic Tribes or Special Backward Classes and two women,
who shall be elected from the District;” [* Was inserted
By MAH. XXIV of 1961]
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Provided that, in district, where there
are more than seven Taluka and before the date of commencement of the
Maharashtra Co-operative Societies (Amendment) Act, 1993, the elections to
elect seven delegates on the District Loan Committee as provided by
sub-clause (i) as it existed then, have already been held, the State
Government shall nominate on such Committee, such additional number of
delegates as may be necessary from the Taluka from which no delegates are
elected, so as to bring the total number of the delegates equal to the number
of Taluka in such district:
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Provided further that, after having held
the election as aforesaid, the two members to be nominated by the Registrar
under sub-clause (i-a), as it existed then, have not yet been nominated by
the Registrar, then the Registrar shall nominate such two members:
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Provided also that, term of office of all
such nominated members shall be co-terminus with the term of office of the
seven such delegates so elected:
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Provided also that, at any election held
after the commencement of the Maharashtra Co-operative Societies (Amendment)
Act, 1993, any member of the State Co-operative Agriculture and Rural Multipurpose
Development Bank in the District belonging to the Scheduled Castes or
Scheduled Tribes, or as the case may be, weaker section, shall be eligible to
contest such election;
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(ii)
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The District Deputy Registrar of
Co-operative Societies of the concerned district, ex-officio;
[* Was deleted By MAH. XXIV of 1961]
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(iii)
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The Divisional Officer of the State Co-operative
Agriculture and Rural Development Bank of the concerned division, ex-officio,
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(iv)
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The Manager of the District Co-operative
Agriculture and Rural Multipurpose Development Bank, ex-officio.
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Explanation.—For the purpose of
sub-clause (i-a), the provisions of clauses (b) and (c) of, and any order
issued under clause (c) of the Explanation to Section 73-B shall apply in
relation to the members to be elected there under;
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(c)
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The delegates or members to be elected
under sub-clause (i) and (i-a) of clause (b) shall be elected by direct
election, by the members of the State Agriculture and Rural Development Bank.
[* Was Deleted By MAH. XXIV of 1961]
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(d)
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Save as otherwise provided in this
section, every election to elect delegates and members “Shall be conducted by
the State Co-operative Election Authority”: [*
Was Substituted By MAH. XXIV of 1961]
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Provided that, a reference to an election
of a member or members of the Committee of a “specified” [* Was deleted By MAH. XXIV of 1961] society in that Chapter or
the rules made there under shall be deemed to be a reference to an election
of delegates or members referred to in clause (b)
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(2)
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Every District Co-operative Agriculture
and Rural Multipurpose Development Bank shall have a Chairman, who shall be
elected by the “elected delegates and the members thereof”, [* Was Substituted By MAH. XXIV of 1961]
from amongst themselves.
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(3)
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Within fifteen days from the date of
election of the delegates and the members under sub section (1) an officer
authorised by “the State Co-operative Election Authority” [* Was Substituted By MAH. XXIV of 1961]
in that behalf shall convene the first meeting of the delegates and the
members for election of a Chairman. The officer so authorised shall preside
over such meeting, but shall not have the right to vote.
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(4)
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The term of office of members “other than
ex-officio members” [* Was deleted By
MAH. XXIV of 1961] of a District Co-operative Agriculture and Rural
Multipurpose Development Bank shall be for a period of five years and shall
be deemed to commence on the date of the first meeting referred to in
sub-section (3) and the term of office of the Chairman shall be co-terminus
with the term of such members and on expiry of their term they shall be
deemed to have vacated their offices.
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(5)
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“A casual vacancy in the committee of Co-operative
Agriculture and Rural Multipurpose Development Bank, due to any reason
whatsoever may be filled in from the same class of active members in respect
of which the casual vacancy has arisen”: [*
Was Substituted By MAH. XXIV of 1961]
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Provided that, if the vacancy occurs
within four months preceding the date on which the term of such delegate, as
the case may be, member expires, the vacancy shall not, unless the Registrar
otherwise directs, be filled :
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Provided further that, the delegate, member
or Chairman elected to fill a vacancy shall hold office so long as the
delegate, member or Chairman in whose place he is elected would have held
office; if the vacancy had not occurred.
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(6)
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The District Loan Committee shall have
the power to sanction by itself or to recommend for sanction by the committee
of the State Co-operative Agriculture and Rural Multipurpose Development Bank,
as the case may be, loans to such extent and for such purposes as the
committee of the State Co-operative Agriculture and Rural Multipurpose Development
Bank may, from time to time, specify, and shall also perform such other
functions as that committee may, from time to time, entrust to it.
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(7)
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The provisions of sections 73-ID, 73A,
“73CA”, [* Was Substituted By MAH.
XXIV of 1961] 77 A, 78, “78A” [*
Was inserted By MAH. XXIV of 1961] clauses (j) and (k) of section 146,
clauses (j) and (k) of section 147, sections 160A and 160B shall apply
mutatis mutandis to the District Co-operative Agricultural and Rural
Multipurpose Development Bank as they apply in relation to a committee of a
society.
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112-AA.
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(1)
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Notwithstanding anything contained in this Act or the
rules made there under, the members of the Co-operative Agriculture and Rural
Multipurpose Development Bank from the City of Bombay District and Bombay
Suburban District shall elect one delegate from amongst themselves for every
general body meeting of the members of the Bank.
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(2)
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Subject to the provisions of section 14, the Co-operative
Agriculture and Rural Multipurpose Development Bank shall make bye-laws for
the purpose of the election of a delegate under sub-section (1).
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(3)
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The power to make bye-laws conferred by
sub-section (2) is subject to the condition of the bye-laws being made after
previous approval of the Registrar.
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112-B.
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(1)
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Notwithstanding anything contained in
this Act, or in the rules made there under, or in the bye-laws of the State co-operative Agriculture and Rural Multipurpose
Development Bank:
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(a)
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The delegates and members elected in accordance with
the provisions of “clauses (d)” [* Was
inserted By MAH. XXIV of 1961] of sub-section (1) of section 112-A and
sub-section (1) of section 112-AA shall,
for the purpose of section 72, constitute the general body of members of the
State Co-operative Agriculture and Rural multipurpose
Development Bank.
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(b)
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the Committee of the State Co-operative Agriculture and
Rural Multipurpose Development Bank shall consist of the following members,
namely :-
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(i)
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“twenty one members to be elected
from amongst the Chairmen of all Districts, including five reserved seats,
one from the persons belonging to the Schedule Castes or Schedule Tribes, one
from the persons belonging to Other Backward Classes, one from the persons
belonging to De-notified Tribes (Vimukta Jatis) or Nomadic Tribes or Special
Backward Classes and two women;” [* Was substituted By MAH. XXIV of 1961]
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(ii) (A)
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Two members, one each belonging to the Scheduled Castes
or Scheduled Tribes and the weaker section, and [* Was deleted By MAH. XXIV of 1961]
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(B)
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Three women members—[* Was deleted By MAH. XXIV of 1961]
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From amongst the members of the State Co-operative Agriculture
and Rural Multipurpose Development Bank, who shall be co-opted by the
committee in its first meeting to be convened by the “State Co-operative Election Commissioner
or an officer authorised by State Co-operative Election Authority in that
behalf but such officer” [* Was substituted By MAH. XXIV of 1961] or such officer shall not, while
presiding over such meeting, have a right of vote; “and
where there is failure of the committee to so co-opt such member or members,
the Collector or the Officer authorised by him shall report such failure to
the Registrar within a period of seven days from the date of such meeting and
thereupon the Registrar shall, within a period of seven days from receipt of
such report, appoint on the committee such member or members, as the case may
be from amongst persons entitled to be so Co-opted”. [* Was deleted By MAH. XXIV of 1961]
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Explanation – For the purposes of this sub-clause, the
provisions of clauses (b) and (c) of, and any other issued under clause (c)
of the explanation to section 73-B shall apply in relation to the members to
be co-opted or appointed under this clause.
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(iii)
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the Chairman of the Maharashtra State Co-operative Bank
(or his representative), ex-officio; [*
Was deleted By MAH. XXIV of 1961]
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(iv)
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two representatives of the employees of the State
Agriculture and Rural Development Bank to be selected by the recognized union
or unions of employees, from amongst such where there is no union at all, the
employees shall be held by the collector in the manner laid down in Chapter
XI-A of this Act. [* Was deleted By
MAH. XXIV of 1961]
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(v)
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The Commissioner for Co-operative and Registrar of
Co-operative societies, Maharashtra State (or his representative),
ex-officio; [* Was deleted By MAH.
XXIV of 1961]
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(vi)
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An Officer from the Agriculture and Co-operation
Department, who is holding the post of Officer on Special Duty or any other
post not lower than that of a Deputy Secretary to Government to be nominated
by State Government, ex-officio; [*
Was deleted By MAH. XXIV of 1961]
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(vii)
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the Managing Director of the State Agricultural and
Rural Development Bank ex-officio, who shall also act as Secretary of the
Committee. [* Was deleted By MAH. XXIV
of 1961]
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(2)
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The members referred to in sub-clause (i) of clause (b)
of subsection (1) shall cease to be members of the committee on the date of
expiry of their terms as Chairman of the District Loan Committees and they
shall be deemed to have vacated their offices and the term of offices of the
members referred to in sub-clauses (ii) and (iv) of clause (b) of sub-section
(1) shall be co-terminus with the term of office of the members referred to
in sub-clause (i) of clause (b) of sub-section (1) and they shall likewise on
expiry of their term of office ceased to be members of the committee and
shall be deemed to have vacated their offices. [* Was deleted By MAH. XXIV of 1961]
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(3) (a)
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The Committee shall have a Chairman
and a Vice-Chairman. The State Co-operative Election Authority or an Officer
authorised by the State Co-operative Election Authority in that behalf shall
convene a meeting of the members of the Committee for election of a Chairman
and Vice-Chairman who shall be from the members referred to in sub-clause (i)
of clause (b) of sub-section (1) and such meeting shall be presided over by
the State Co-operative Election Authority or by such authorised officer, but
such presiding officer shall not have a right to vote at such meeting.” [* Was substituted By MAH. XXIV of 1961]
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(b)
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Notwithstanding anything contained in clause (a), within
15 days from the date of commencement of the Maharashtra Co-operative
Societies (Amendment) Act, 1988, the Collector or an Officer authorised by
him in that behalf shall convene a meeting of the members of the Committee
for the election of a Vice-Chairman who shall be from the members referred to
in sub-clause (i) of clause (b) of sub-section (1) and such meeting shall be
presided over by the Collector or by such authorised Officer, but such
presiding officer and the members referred to in sub-clauses (iii) to (vii)
of clause (b) of sub-section (1) shall not have a right to vote at such
meeting. The Vice-Chairman so elected shall hold office as such Vice-Chairman
subject to the provisions of subsection (4). [* Was deleted By MAH. XXIV of 1961]
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Explanation.—For the purposes of this sub-section, the
expression "Collector" shall have the same meaning as in clause (a)
of sub-section (2) of section 144-A: [*
Was deleted By MAH. XXIV of 1961]
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(4)
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Without prejudice to the provisions of sub-section (3),
the Chairman and Vice-Chairman shall be elected every year in the first
meeting of the Committee convened within one month after the close of the
co-operative year by the Collector or an Officer authorised by him in that
behalf and where the Chairman or Vice-Chairman is to be elected to fill the
vacancy occurred due to any reason whatsoever the Collector or an Officer
authorised by him in that behalf shall convene the meeting of the Committee
within one month from the date of occurrence of the vacancy and the
provisions of sub-section (3) shall mutatis mutandis apply to such meetings. [* Was deleted By MAH. XXIV of 1961]
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The Chairman and Vice-Chairman elected under
sub-section (3) or sub-section, (4) shall cease to be the Chairman and
Vice-Chairman on the date preceding the date of meeting held for election of
the Chairman and Vice-Chairman after the close of the co-operative year and
shall vacate his office. [* Was
deleted By MAH. XXIV of 1961]
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(5)
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A casual vacancy of a member referred to in sub-clauses
(ii) and (iv) of clause (b) of sub-section (1) due to any reason whatsoever
shall be filled in by co-option by the committee or by selection by the
recognized union or unions of the employees, as the case may be, within two
months from the occurrence of such vacancy; and where there is failure on the
part of the committee or such union or unions, as the case may be, to do so,
then appointment by the Registrar : [*
Was deleted By MAH. XXIV of 1961]
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Provided that, if the vacancy occurs within four months
preceding the date on which the term of such member expires, the vacancy
shall not, unless the Registrar otherwise directs, be filled : [* Was deleted By MAH. XXIV of 1961]
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Provided further that, the member so co-opted, selected
or appointed to fill a vacancy shall hold office so long only as the member
in whose place he is co-opted, selected or appointed would have held office,
if the vacancy had not occurred. [*
Was deleted By MAH. XXIV of 1961]
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(6)
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Where a person becomes a member by virtue of holding
any office or being an employee, he shall cease to be a member of the
committee, as soon as he ceases to be holder of that office or ceases to be
such employee, as the case may be. [*
Was deleted By MAH. XXIV of 1961]
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(7)
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The committee shall exercise such powers
and perform such functions as may conferred or entrusted to it by this Act or
by the rules made there under or by the bye-laws of the State Co-operative Agriculture and Rural
Multipurpose Development Bank.
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(8)
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Without prejudice to the other provisions
relating to the procedure at the meeting of the committee as may be laid down
by rules or bye-laws made in that behalf, one-third of the total number of
members of the committee shall form the quorum at any meeting of the
committee.
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112-C.
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113.
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(1)
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The Registrar, or any other person
appointed by the State Government in this behalf, shall be Trustee for the
purpose of securing the fulfillment of the obligations of the State Co-operative
Agriculture and Rural Multipurpose Development Bank to the holders of
debentures issued by it.
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(2)
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The Trustee shall be a corporation sole
by the name of the Trustee for the debentures in respect of which he is
appointed, and shall have perpetual succession and a common seal, and in his
corporate name may sue and be sued.
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(3)
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The powers and functions of the Trustee
shall be governed by the provisions of this Act, and the instrument of trust
executed between the State Co-operative Agriculture and Rural Multipurpose Development
Bank and the Trustee, as modified from time to time by mutual agreement
between the State Co-operative Agriculture and Rural Multipurpose Development
Bank and the Trustee.
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114.
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(1)
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With the previous sanction of the State Government and
the Trustee, and subject to such terms and conditions as the State Government
may impose, the State Co-operative Agriculture and Rural Multipurpose Development
Bank in the discharge of its function as a Co-operative Agriculture and Rural
Multipurpose Development Bank may issue debentures of such denominations, for
such period, and at such rates of interest, as it may deem expedient on me
security of mortgages, instruments of hypothecation, guarantee, pledge or
charge created in favour of the Bank, or mortgages, instruments of
hypothecation, guarantee, pledge or charge to be acquired or partly on
mortgages or on any of the aforesaid instruments held and partly to be
acquired, and properties and other assets of the State Co-operative Agriculture
and Rural Multipurpose Development Banks.
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(2)
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Every debenture may contain a term fixing a period not
exceeding thirty years from the date of issue during which it shall be
redeemable, or reserving to the committee the right to redeem at any time in
advance of the date fixed for debenture not less than three months notice in
writing.
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(3)
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The total amount due on debentures issued by the State Co-operative
Agriculture and Rural Multipurpose Development Bank and outstanding at any
time, shall not exceed -
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(a)
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where debentures are issued against mortgages
instruments of hypothecation, guarantee pledge or charge held, the aggregate
of
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(i)
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the amounts due on the mortgages and any
or all of the aforesaid instruments;
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(ii)
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the value of the properties and other
assets transferred or deemed to have been transferred under section 121 by
the Primary Co-operative Agriculture and Rural Multipurpose Development Banks
to the State Co-operative Agriculture and Rural Multipurpose Development Bank
and subsisting as such time; and
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(iii)
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The amounts paid under the mortgages and
the other instruments aforesaid and the unsecured amounts remaining in the hands
of the State Co-operative Agriculture and Rural Multipurpose Development Bank
or the Trustee at the time;
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(b)
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Where debentures are issued otherwise
than on mortgages or the instrument aforesaid held, the total amount as
calculated under clause (a) increased by such portion of the amount obtained
on the debentures as is not covered by a mortgage instrument of
hypothecation, guarantee, pledge or charge.
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115.
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The principal of, and interest on the
debentures issued under the preceding section, or any specified portion
thereof, may carry the guarantee of the State Government, subject to such
maximum amounts as may be fixed by the State Government, and to such
conditions as the State Government may think fit to impose.
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116.
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Upon the issue of debentures, under the
provisions of Section 114, the mortgage properties and other assets including
the properties covered by the instruments referred to in sub-section (3) of
that section held by the State Co-operative Agriculture and Rural Multipurpose
Development Bank, shall vest in the Trustee, and the holders of debentures
shall have a floating charge on all such mortgages, instruments and assets
and on the amount paid under such mortgages, and such instruments and
remaining in the hands of the State Co-operative Agriculture and Rural Multipurpose
Development Bank or of the Trustee.
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117.
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Powers of Co-operative Agriculture and Rural Multipurpose Development
Banks to advance loans and to hold lands.—
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Subject to the provisions of this Act and
the rules made there under, it shall be competent for the Co-operative Agriculture and Rural Multipurpose
Development Banks to advance loans for the purposes referred to in
section 111, and to hold lands or dwelling houses in rural area the
possession of which is transferred to them under the provisions of this Chapter.
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118.
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119.
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A written order by the Co-operative Agriculture and Rural Multipurpose
Development Bank, or persons or committee authorised under the bye-laws of
the Bank to make loans for all or any of the purposes specified in section
111, granting, either before or after the commencement of this Act, a loan to
or with the consent of a person mentioned therein, for the purpose of
carrying out the work specified therein for the benefit of the land or for
the productive purpose or for the purpose of dwelling house in rural area
specified therein, shall for the purposes of this Act be conclusive of the
following matters, that is to say:-
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(a)
|
that the work described or the purpose
for which me loan is granted, is an improvement or productive purpose or
productive purpose or for the purpose of dwelling house in rural area, as the
case may be, within the meaning of section 111;
|
|
(b)
|
that the person had at the date of the
order a right to make such an improvement or incur expenditure for productive
purposes or for the purpose of dwelling house in rural area as the case may
be and;
|
|
(c)
|
that the improvement in one benefiting
the land or such dwelling house specified and productive purpose or for the
purpose of dwelling house in rural area concerns the land or such dwelling
house offered in security, or any part thereof, as may be relevant
|
|
120.
|
||
(1)
|
A mortgage executed in favour of an Co-operative Agriculture and Rural Multipurpose Development
Bank, shall have priority over any claim of the Government arising from a
loan granted after the, execution of the mortgage under the Land Improvement
Loans Act, 1883 (XI of 1883) or the Agriculturists Loans Act, 1884 (XI of
1884) or under any other law for the time being in force.
|
|
(2)
|
Notwithstanding anything contained in the
Bombay Tenancy and Agricultural Lands Act, 1948, (BOM. LXVII of 1948) or any
other corresponding law for the time being in force, where a mortgage in favour
of Co-operative Agriculture and Rural Multipurpose
Development Bank is in respect of land in which a tenant purchaser or tenant
has an interest, the mortgage may be against the security of such interest,
and the rights of the mortgage shall not be affected by the failure of the
tenant purchaser or tenant to comply with the requirements of such law, and
the sale of the land and his interest therein, under such law shall be
subject to the prior charges of a Co-operative Agriculture and Rural Multipurpose Development
Bank.
|
|
121.
|
||
The mortgages instruments of
hypothecation guarantee, pledge or charge executed in favour of, and all
other assets transferred to, a Co-operative Agriculture and Rural Multipurpose
Development Bank, by the members thereof, before or after the commencement of
the Act, shall, with effect from the date of such execution or transfer, be
deemed to have been transferred by such an a Co-operative Agriculture and Rural Multipurpose
Development Bank to the State a Co-operative Agriculture and Rural Multipurpose
Development Bank, and shall vest in the State a Co-operative Agriculture and Rural Multipurpose
Development Bank.
|
||
122.
|
||
Notwithstanding anything contained in the
Registration Act, 1908, it shall not be necessary to register a mortgage,
lease, hypothecation deed, loan bond, surety bond, guarantee deed, promissory
note or loan agreement executed in favour of the Co-operative Agriculture and
Rural Development Bank, provided the bank sends, within such time and in such
manner as may be prescribed a copy of such instrument to the concerned
registering authority; and on receipt of the copy of the registering
authority shall file the same in the relevant books prescribed under the
Registration Act, 1908 :
|
||
Provided that, any such instrument
executed in favour of the bank before the date of publication of the
Maharashtra Co-operative Societies (Amendment) Act, 1989 in the Official
Gazette may be sent to the concerned registering authority within the period
of three months from such date.
|
||
123.
|
||
Notwithstanding anything contained in the
Presidency-Towns Insolvency Act, 1909, or the provincial Insolvency Act, 1920
or any corresponding law for the time being in force, a mortgage or any other
instrument supporting the loan executed in favour of a Co-operative Agriculture, and Rural Multipurpose Development
Bank, shall not be called in question in any insolvency proceedings on the
ground that it was not executed in good faith or valuable consideration, or
on the ground that it was executed in order to give the Bank a preference
over other creditors of the mortgagor or of the executants of the instrument.
|
||
124.
|
|
|
125.
|
||
(1)
|
Mortgages and other instruments in
respect of loans by a Co-operative Agriculture and Rural Multipurpose Development
Bank or the State Co-operative Agriculture and Rural Multipurpose Development
Bank either before or after the commencement of this Act, by the manager of
Hindu joint family for the improvement of agricultural land or of the methods
of cultivation or for financing any other means to raise the productivity of
the land, or for the purchase of land, or for creation of new movable or
immovable assets or for the purpose of acquisition, construction, rebuilding
or repairing of a dwelling house in rural area shall be binding on every
member of such joint Hindu family notwithstanding any law to the contrary.
|
|
(2)
|
In other cases, where a mortgage or other
instruments executed in favour of a co-operative
Agriculture and Rural multipurpose
Development Bank or State Co-operative Agriculture and Rural Multipurpose Development
Bank either before or after the commencement of this Act, is called in
question on the ground that it was executed by the manager of a Hindu joint
family for purpose not binding on the members (whether such members have
attained majority or not) thereof, the burden of proving the same shall,
notwithstanding any law to the contrary, lie on the party alleging it.
|
|
126.
|
Section 8 of the Act XXXII of 1956 to apply to mortgages and other instruments to a Co-operative Agriculture
and Rural Multipurpose Development Bank, subject to certain modifications. —
|
|
Section 8 of the Hindu Minority and
Guardianship Act, 1956 (XXXII of 1956) shall apply to mortgages and other
instruments in favour of a Co-operative Agriculture and Rural Multipurpose Development
Bank, subject to the modification or that reference to the Court therein
shall be construed as reference to the Collector or his nominee, and the
appeal against the order of the Collector or his nominee shall lie to the
Commissioner
|
||
127.
|
||
(1)
|
Notwithstanding anything contained in the
Transfer of Property Act, 1882 (IV of 1882) or any other law for the time
being in force, no mortgagor of property mortgaged to a Co-operative Agriculture and Rural Multipurpose Development
Bank, shall except with the prior consent in writing of the bank, and subject
to such terms and conditions as the bank may impose, lease or create any
tenancy rights or any such property:
|
|
Provided that, the rights of a Co-operative
Agriculture and Rural Multipurpose Development
Bank shall be enforceable against the tenant purchaser, the lessee or the
tenant, as the case may be, as if he himself were a mortgagor.
|
||
(2)
|
Where land, mortgaged with possession to
a Co-operative Agriculture and Rural Multipurpose Development Bank, is in
actual possession of a tenant, the mortgagor or a Co-operative Agriculture
and Rural Multipurpose Development Bank shall give notice to the tenant to
pay rent to a Co-operative Agriculture and Rural Multipurpose Development
Bank during the currency of the lease and the mortgagee, and on such notice
being given, the tenant shall be deemed to have attorned to the a
Co-operative Agriculture and Rural Multipurpose Development Bank.
|
|
128.
|
||
Notwithstanding anything contained in
section 121, all monies due under the mortgage shall unless otherwise
directed by the State Co-operative Agriculture and Rural Multipurpose Development
Bank or the Trustee, and communicated to the mortgagor, be payable by the
mortgagor to the Co-operative Agriculture and Rural Multipurpose Development
Bank, and such payments shall be as valid as if the mortgage had not been so
transferred and the Co-operative Agriculture and Rural Multipurpose Development
Bank shall in the absence of specific directions to the contrary, issued by
the State Co-operative Agriculture and Rural Multipurpose Development Bank of
Trustee and communicated to the bank, be entitled to sue on the mortgage or
take any other proceeding for the recovery of the monies due under mortgage.
|
||
129.
|
||
Where any immovable or movable property
mortgaged or encumbered in any other manner to a Co-operative Agriculture and
Rural Multipurpose Development Bank is wholly or partially destroyed, or for
any reasons the security or surety is rendered insufficient and the debtor,
having been given a reasonable opportunity by the bank to provide further
security or surety enough to render the whole security or surety sufficient
or to repay such portion of the loan as may be determined, by the bank, has
failed to provide such security or surety or to repay such portion of the
loan, then the whole of the loan shall be deemed to fall due at once; and the
bank shall be entitled to take action against such debtor under section 132
or section 133 for the recovery thereof.
|
||
Explanation: Security shall be deemed
insufficient within the meaning of this section, unless the value of the
mortgaged or encumbered property (including improvements made thereon)
exceeds the amount for the time being due on the mortgage or encumbrance by
such proportion as may be specified in the rules, regulations or the bye-laws
of the Co-operative Agriculture and Rural Multipurpose Development Bank.
|
||
130.
|
Right of a Co-operative Agriculture and Rural Multipurpose Development Bank to buy mortgaged
property.—
|
|
(1)
|
Property purchased under section 133(3)
by, and property transferred under section 100 to the Co-operative Agriculture
and Rural Multipurpose Development Bank, may be disposed of by such banks by
sale within such period as may be fixed by the Trustee, subject to the
condition that such sales shall be in favour only of agriculturists eligible to
hold land under the Bombay Tenancy and Agricultural Lands Act, 1948, or any
corresponding law for the time being in force, or in favour of Tribal, if
such property belongs to a Tribal or may be leased out by them on such terms
and conditions as may be laid down by the State Government from time to time.
|
|
Explanation — for the purposes of this
sub-section and section 133A, "Tribal" means a person belonging to
a Scheduled Tribe within the meaning of the Explanation to Section 36 of the
Maharashtra Land Revenue Code, 1966, and includes his successor in interest.
|
||
(2)
|
Nothing contained in any law for the time
being in force fixing the maximum limit of agricultural holdings shall apply
to the acquisition or holding of land by the Co-operative Agriculture and
Rural Multipurpose Development Bank under this section.
|
|
131.
|
||
All loans granted by the Co-operative Agriculture
and Rural Multipurpose Development Bank, all interests (if any) chargeable
thereon, and costs (if any), incurred in making the same, shall when they
become due, be recoverable by the Co-operative Agriculture and Rural Multipurpose
Development Bank concerned.
|
||
132.
|
||
(1)
|
If any installment payable under a
mortgage, hypothecation deed, loan bond, surety bond or other instruments
executed in favour of the Co-operative Agriculture and Rural Multipurpose Development
Bank, or any part of such installment, has remained unpaid for more than one
month from the date on which it fell due, the bank shall, in addition to any
other remedy available to the bank, apply to the Registrar for recovery of
such installments or part thereof, by distrait and sale of the produce of the
mortgaged or otherwise encumbered land and properties of and on such land
including the standing crops thereon, or the movable property encumbered
under hypothecation deed or loan bond. The installments due or any part
thereof, shall also be recoverable by distrait and sale of the new property
created by the debtor by converting the original movable property for which
the loan was granted by the bank.
|
|
(2)
|
On receipt of such application, the
Registrar, shall notwithstanding anything contained in the Transfer of
Property Act, 1882, take action in the manner prescribed for the purpose of
distaining and selling of the produce or the properties referred to in
sub-section (1):
|
|
Provided that, no distrait shall be made
after the expiry of twelve months from the date on which the installment fell
due.
|
||
133.
|
||
(1)
|
Notwithstanding anything contained in the
Transfer of Property Act, 1882, the Co-operative Agriculture and Rural Multipurpose
Development Bank or any person authorised by it in this behalf shall, in case
of default of payment of mortgage money or loan amount or any part thereof,
have power, in addition to any other remedy available to the bank, to bring
the mortgaged or otherwise encumbered property to sale by public auction in
the village in which such property is situated or at the nearest place of
public resort, without the intervention of the Court :
|
|
Provided that, no action shall be taken
under this sub-section and no such power shall be exercised, unless and
until—
|
||
(a)
|
the Co-operative Agriculture and Rural Multipurpose
Development Bank has been previously authorised to exercise the power
conferred under this sub-section after hearing the objections, if any, of the
debtor or debtors;
|
|
(b)
|
notice in writing requiring payment of
such debt or loan money or part thereof has been served upon,
|
|
(i)
|
the debtor or each of the debtors;
|
|
(ii)
|
any person who has any interest in or
charge upon such property or upon the right to redeem the same as far as is
known to the bank;
|
|
(iii)
|
any surety for the payment off the debt
or loan or any part thereof; and
|
|
(iv)
|
any creditor of the debtor who has in a
suit for administration of his estate obtained a decree for sale of the
concerned property; and
|
|
(c)
|
Default has been made in payment of such
debt or loan or part thereof, for three months after service of the notice.
|
|
(2)
|
Where the Co-operative Agriculture and
Rural Multipurpose Development Bank fail to take action against the defaulter
under section 129 or 132 or under this section, the Trustee may take such
action. If such action is taken by the Trustee, the provisions of this
chapter and of any rules prescribed shall apply in respect thereto, as if all
references to the Co-operative Agriculture and Rural Multipurpose Development
Bank in the said provision were references to the Trustees.
|
|
(3)
|
Notwithstanding anything contained in any
other law for the time being in force, it shall be lawful for the Co-operative
Agriculture and Rural Multipurpose Development Bank to purchase any mortgaged
or encumbered property sold under this Chapter.
|
|
133-A.
|
||
Notwithstanding anything contained in
this Act or in any other law for the time being in force, where the mortgaged
or encumbered property belongs to a Tribal, it shall not be sold to any
non-Tribal bidder at public auction under section 133 or otherwise
transferred to a non-tribal under the provisions of this Act.
|
||
134.
|
||
(1)
|
On effecting the sale by Co-operative Agriculture
and Rural Multipurpose Development Bank under section 133, the bank shall, in
the prescribed manner, submit to the State Co-operative Agriculture and Rural
Multipurpose Development Bank and the Registrar a report setting forth the
manner in which the sale has been effected and the result of the sale, and
the State Co-operative Agriculture and Rural Multipurpose Development Bank
may, with the approval of the Registrar confirm the sale or cancel it.
|
|
(2)
|
Where the sale is effected by the State Co-operative
Agriculture and Rural Multipurpose Development Bank or the Trustee under
section 133 the State Co-operative Agriculture and Rural Multipurpose Development
Bank or the Trustee, as the case may be, shall in the prescribed manner
submit to the Registrar a report setting forth the manner in which the sale
has been effected and result of the sale, and the Registrar may confirm or
cancel the sale.
|
|
135.
|
||
The proceeds of every sale effected under section 133,
and confirmed under the preceding section shall be applied first in payment
of all costs, charges and expenses incurred in connection with the sale or
attempted sales, secondly in payment of any or all interest due on account of
the mortgage or encumbrance in consequences whereof, the mortgaged or
otherwise encumbered property was sold, and thirdly in payment of the
principal due on account of the mortgage or encumbrance including costs and
charges incidental to the recovery.
|
||
If there remains any residue from the proceeds of sale,
the same shall be paid to the person proving himself interested in the
property sold or if there are more such persons than one, then to such
persons up on their joint receipt or according to their respective interest
therein, as may be determined by the Co-operative Agriculture and Rural Multipurpose
Development Bank:
|
||
Provided that, before any such payments are made the
unsecured dues owing;
|
||
(a)
|
from the mortgagor or the debtor to the Co-operative Agriculture and Rural Multipurpose
Development Bank may be adjusted, and
|
|
(b)
|
from any member or past member to whom the mortgagor or
the debtor is indebted may also be adjusted under the written authority given
by such member and past member, and after holding such inquiry as may be
deemed necessary.
|
|
136.
|
||
(1)
|
Where a sale of mortgaged property has
become absolute under section 134 and the sale-proceeds have been received in
full by the Co-operative Agriculture and Rural Multipurpose Development Bank,
the bank shall grant a certificate to the purchaser in the prescribed form
certifying the property sold, the sale-price, the date of its sale, the name
of the person who at the time of the sale is declared to be the purchaser,
and the date on which the sale became absolute; and upon the production of
such certificate the Sub-Registrar appointed under the Indian Registration
Act, 1908 (XVI of 1908), within the limits of whose jurisdiction the whole or
any part of the property specified in the certificate is situated, shall
enter the contents of such certificate in his register relating to immovable
property.
|
|
(2) (a)
|
Where the mortgaged property sold is in
the occupancy of the mortgagor, or of some person on his behalf, or some
person claiming under a title created by the mortgagor, subsequent to the
mortgage in favour of the State Co-operative Agriculture and Rural Multipurpose
Development Bank or Co-operative Agriculture and Rural Multipurpose Development
Bank and a certificate in respect thereof, has been granted under the
foregoing sub-section, the Collector shall, on the application of the
purchaser, order delivery to be made by putting such purchaser or any person
whom he may appoint to receive delivery on his behalf, in possession of the
property.
|
|
(b)
|
Where the property sold is in the
occupancy of a tenant or other person entitled to occupy the same, and a
certificate in respect thereof, has been granted under the foregoing
sub-section, the Collector shall on the application of the purchaser and
after notice to such tenants or other persons, order the delivery to be made
by affixing copy of the certificate of sale in a conspicuous place on the
property and proclaiming to the occupant by beat of drum or other customary
mode at some convenient place that the right, title and interest of the
mortgagor have been transferred to the purchaser.
|
|
(3)
|
Where any property is sold in the
exercise or purported exercise of a power of sale under section 133, the
title of the purchaser shall not be questioned on the ground that the
circumstances requited for authorizing the sale had not arisen or due notice
of the sale was not given, or the power of sale was otherwise improperly or
irregularly exercised:
|
|
Provided that, any person who suffers
damage on account of unauthorized, improper or irregular exercise of such
power shall have a remedy in damages against the Co-operative Agriculture and
Rural Multipurpose Development Bank.
|
||
137.
|
||
(1)
|
Notwithstanding anything contained in
sections 91 and 98, on an application made by a Co-operative Agriculture and
Rural Multipurpose Development Bank for the recovery of arrears of any sum
advanced by it to any of its members and on its furnishing a statement of
accounts in respect of the arrears, the Registrar may, after making such
enquiries as he deems fit, grant a certificate for the recovery of the amount
stated therein, to be due as arrears.
|
|
(2)
|
A certificate by the Registrar under
sub-section (1) shall be final and conclusive as to arrears due. The arrears
stated to be due therein, shall be recoverable according to the law for the
time being in force for the recovery of arrears of land revenue.
|
|
(3)
|
It shall be lawful to the Collector to
take precautionary measures authorised by sections 140 to 144 of the Bombay
Land Revenue Code, 1879 (BOM. V of 1879) or any law or provision
corresponding thereto, for the time being in force until the arrears due to
the Co-operative Agriculture and Rural Multipurpose Development Bank together
with interest and any incidental charges incurred in recovery of such
arrears, are paid or security of such arrears is furnished to the
satisfaction of the Registrar.
|
|
(4)
|
It shall be competent for the Registrar
or a person authorised by him to direct conditional attachment of the
property of the mortgagor until the arrears due to the Co-operative Agriculture
and Rural Multipurpose Development Bank together with interest and any
incidental charges incurred in recovery of such arrears are paid or security
for payment of such arrears is furnished to the satisfaction of the Registrar
and the provisions of section 95 shall apply mutatis mutandis to conditional
attachment of any property made or to be made under his section.
|
|
138.
|
||
(1)
|
Subsection (1) deleted.
|
|
(2)
|
Any amount due to a Co-operative Agriculture
and Rural Multipurpose Development Bank (including cost of recovery thereof)
shall on an application by it in this behalf be recoverable by the Collector,
or any officer including an Officer of the Co-operative Agriculture and Rural
Multipurpose Development Bank specially authorised by the Collector in this
behalf, in all or any of the following modes, namely :-
|
|
(a)
|
from the borrower-as if they were arrears
of land revenue due by him;
|
|
(b)
|
out of the land for benefit of which the
loan has been granted as if they were arrears of land revenue due in respect
of that land;
|
|
(c)
|
from a surety (if any) as if they were
arrears of land revenue due by him;
|
|
(d)
|
Out of the property comprised in the
collateral security (if any) according to the procedure for the realization
of land revenue by the sale of immovable property other than the land on
which the revenue is due.
|
|
139.
|
||
At any sale of moveable or immovable
property, held under the provisions of this Chapter, no officer or employee
or any member of the family of such officer or employee of a Co-operative Agriculture
and Rural Multipurpose Development Bank, except on behalf of the bank of
which he is an officer or any employee, and no person having any duty to
perform in connection with such sale, shall either directly or indirectly bid
for or acquire or attempt to acquire any interest in such property.
|
||
Explanation - For the purposes of this
section, the expression "member of the family" means wife, husband,
father, mother, brother, sister, son, daughter, son-in-law or
daughter-in-law.
|
||
140.
|
||
Nothing contained in section 40 of the
Bombay Agricultural Debtors Relief Act, 1947, or any corresponding law for
the time being in force in any part of the State shall apply to any
alienation in favour the Co-operative Agriculture and Rural Multipurpose Development
Banks.
|
||
141.
|
||
(1)
|
It shall be competent for the State
Government to constitute one or mo Guarantee Funds on such terms and
conditions as it may deem fit, for the purpose of meeting losses that might
arise as a result of loans being made by the Co-operative Agriculture and
Rural Multipurpose Development Banks on titles of immovable property
subsequently found to be defective or for any other purpose under this
Chapter, for which in the opinion of the State Government it is necessary to
provide for or create a separate Guarantee Fund.
|
|
(2)
|
The State Co-operative Agriculture and
Rural Multipurpose Development Bank and Co-operative Agriculture and Rural Multipurpose
Development Bank shall contribute to such funds at such rate as may be
prescribed, and the constitution, maintenance and utilization of such funds
shall be governed by such rules, as may made by the State Government in this
behalf.
|
|
142.
|
||
It shall be competent for the Registrar
to permit any society or Class of Societies to function as a Co-operative Agriculture
and Rural Multipurpose Development Bank under such terms and conditions and
for such period as he may deem fit.
|
||
143.
|
||
The provisions of section 102 and 103 of
the Transfer of Property Act, 1882, and of any rules made under section 104
thereof, shall apply, so far as may be in respect of all notices to be served
under this Chapter.
|
||
143-A.
|
||
(1)
|
Where any works, included in a land
improvement scheme which has come into force under the Bombay Land
Improvement Schemes Act, 1942, are carried out at the cost or part cost of
the State Government, and such cost is to be recovered from the owners of
lands (other than Government) included in the scheme as shown in the
statement prepared under section 13 or in the interim or final statement
prepared under section 13 A of that Act; then notwithstanding anything
contained in this Act, all the rights and liabilities of the State Government
for the recovery of the cost or part cost from the owners of land shall stand
transferred to a Co-operative Agriculture and Rural Multipurpose Development
Bank, in relation to such owners of lands and subject to such terms and
conditions (including any condition regarding giving of any guarantee by the
State Government) as may be agreed upon between the State Government and such
Co-operative Agriculture and Rural Multipurpose Development Bank; and for
arriving at such agreement, every owner of land shall produce before the Bank
all such documents, and other evidence relating to his land included in such
scheme as the Bank may require.
|
|
(2)
|
On such transfer of rights and
liabilities of the State Government, the Co-operative Agriculture and Rural Multipurpose
Development Bank, shall pay to the State Government an amount equal to the
extent of the liability accepted by it under such agreement, and the State
Government shall inform the owners of lands concerned of such transfer; and
thereupon, the provisions of this Act and rules there under in so far as they
provide for advancing of loans (including provision for mortgaging of
property) and recovery thereof shall apply in relation to the amount of cost
to be recovered from each owner of land as they apply in relation to
advancing of loans and recovery thereof (including interest) as if such owner
was a member of the Co-operative Agriculture and Rural Multipurpose Development
Bank. The transfer of the rights and liabilities and payment made in
accordance therewith shall discharge the owners of lands of their ability to
make payment to the State Government under the Bombay Land Improvement
Schemes Act, 1942, but to the extent only of their respective liability
accepted by the Bank.
|
|
144.
|
Power of Committee of State Co-operative Agriculture and Rural
Multipurpose Development Bank to supervise Co-operative Agriculture and
Rural Multipurpose Development Bank and make regulation.—
|
|
The Committee of the State Co-operative Agriculture
and Rural Multipurpose Development Bank shall have a general power of
supervision over Co-operative Agriculture and Rural Multipurpose Development
Banks and may, with the previous sanction of the State Government, make
regulations, not inconsistent with this Act or the rules made there under,
for all or any of the following matters, namely :-
|
||
(a)
|
for the inspection of the account books,
and proceedings of Co-operative Agriculture and Rural Multipurpose Development
Banks;
|
|
(b)
|
for the submission of returns and reports
by such banks in respect of their transactions;
|
|
(c)
|
for the periodical settlement of accounts
between such banks and the State Co-operative Agriculture and Rural Multipurpose
Development Bank being accounts relating to the payment of the amounts
recovered by such banks on mortgages transferred to the State Co-operative Agriculture
and Rural Multipurpose Development Bank;
|
|
(d)
|
for the form in which applications to
such banks for loans shall be made and for the valuation of properties
offered as security for such loans;
|
|
(e)
|
for the investment of moneys realized
from the mortgagors;
|
|
(f)
|
the conditions of service of employees of
such banks;
|
|
(g)
|
the program and policy to be followed by
such banks for making loans;
|
|
(h)
|
the types and extent of security to be
obtained by such banks for advancing loans;
|
|
(i)
|
Generally, for the purpose of
safeguarding the interest of the parties; furtherance of activities of such
banks, and carrying out the purposes of this Chapter.
|
|
144-1A.
|
Reorganization, amalgamation or division of Co-operative Agriculture and Rural Multipurpose Development Banks, in public interest, etc.-
|
|
(1)
|
Notwithstanding anything in the Act or in
any rules, or bye-laws made there under, it shall be lawful for the State
Government to provide from time to time, by an order made under and in
accordance with the provisions of section 18, for the reorganization of the
State Co-operative Agriculture and Rural Multipurpose Development Banks,
either by amalgamating with it all or of any of the Primary Co-operative Agriculture
and Rural Multipurpose Development Banks or otherwise; or for the division of
the State Agricultural and Rural Development Bank into a State Co-operative Agriculture
and Rural Multipurpose Development Bank and one or more Primary Co-operative Agriculture
and Rural Multipurpose Development Banks as may be considered necessary; or
for the amalgamation or division of all or any of the Primary Co-operative Agriculture
and Rural Multipurpose Development Banks among themselves. Accordingly, for
the purposes of this section, in section 18 and in any rules made there
under, for the word "Registrar", wherever it occurs, the words
"State Government" shall be deemed to be substituted.
|
|
(2)
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Where there is no District Co-operative Agriculture
and Rural Multipurpose Development Bank in the State or in any part thereof,
or Primary Co-operative Agriculture and Rural Multipurpose Development Banks
are merged with the State Co-operative Agriculture and Rural Multipurpose Development
Bank, the State Co-operative Agriculture and Rural Multipurpose Development
Bank may establish and maintain as many branches as may be deemed necessary;
and shall function also as a Primary Co-operative Agriculture and Rural Multipurpose
Development Bank through the State or in the area concerned, as the case may
be. Any reference of a District Co-operative Agriculture and Rural Multipurpose
Development Bank in this Act, or any other law for the time being in force or
in any instrument, shall then, as the context may require, be construed as a
reference of the State Co-operative Agriculture and Rural Multipurpose Development
Bank or its branches concerned, or be read subject to such modifications as
may be necessary due to absence of any District Co-operative Agriculture and
Rural Multipurpose Development Bank due to merger of the Primary Agriculture
and Rural Development Bank or Banks in the State Co-operative Agriculture and
Rural Multipurpose Development Bank.
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