The Assam Co-operative Land Mortgage Bank (Amendment) Act, 1990

<f—bs Regis tered No. A—12 w ro THE ASSAM GAZETTE e j s f R i m EXTRAORDINARY79S " W OTP>W PUBL7;3H3D BY AUTHORITY M 75 ft ’ * ’ , iS ttm , 12 IS , 1990, 22 1912 ("(») No. 75 Oitpnr , Sat urday, 12t h May, 1990, 22nd Valsakha^ 1912 (S. E.) G O V E R N M E N T O F A S S A M O R D E R S B Y T H E G O V E R N O R LEG ISLATIVE DEPART MEN T : LEGISLATIVE BRA NCH - NO TIFICA TION The 11th May 1990.N o . L G L . 155/88/22.—The follo wing Act of the As sa m Le gis lat ive As se mbly which received the assent o f the Go vernor is her eby pub lish ed for gene ral infor ma tio n. «94 T H E ASSAM GAZETTE, EXTRAORDINARY, M A Y 1M M0A S S A M A C T N O . V I I I O F 1990(R ec eiv ed the assent o f the Go ve rn or o n 8th M ay , 1990) THE ASSAM COOPERATIVE LAND MORTGAGE BANK (AMENDMENT) ACT, 1990 AnA ct fu rth er to amen d the Assam Co­ ope rativ e Land Mortg age Bank Act, 1960. Preamble. Wher eas it is exp edient fu rth er to amen d the Assam Cooperativ e Land Mortg age Bank Act, 1960, he rei nafte r Act ref err ed to as the prin cip al Act, in the 1 o fl 9 61) manne r herei naf ter ap pe ar in g; It is her eby enacted In the Forty- firs t Year of the Repu blic of Indi a as follows :— short title. 1- This Act may be called the Assam Co-o perative Lan d Mort gage Bank (Am endm ent) Act, 199Q. 2. In the prin cip al Act, In the long ° title of8 title , for the words, "Cooperative Land lo t 1961°* Mortgage Ban ks”, the words. "Cooperative Ag riculture and Ru ral Developme nt Ban ks” shal l be sub stituted . i Substitution 3. In the princi pal Act, for the exis* ofPAM ,̂ e tin g prea mbl e, the follow ing shall be Act i of sub stituted, na m el y:— 1961. J "Whe reas it is exp edient to faci­ lita te the work ing of Cooperative Agr i­ cul ture and Rural Developm ent Bank s in the Sta te of Assam wi th a view to providing for gra nt of lon g-term and tt if e AS SAM GAZETTE. EXT RAORDIN ARY, MAY 12, 1990 495 short-term. loans for the purposes of agri* cultura l development and activities incidental thereto, to finance construc­ tion, p f houses in rura l areas, to promote rur ^l industria lisation bv providing loans to artisans, craftsmen and small -entre­ preneurs and to advance loans to instit u­ tions .and corporate bodies engaged in activities which directly or indirectly help t he farmers and the rura l people, in the manner hereinaft er appearing;” 4. In the principal Act, in section IAmendment and sub-section (1), for the words, ''The A«« i of 1961 Assam Cooperative Land Mortgage Bank” the words, "Assam Cooperative Agricul- tur e and Rural Development Bank”, shall be substituted. Amendm ent 4. In the p rincipal Act, in section 2,—- of section 2 of Assam Act in elapse (b), for the words, "The Assam Cooperative Central Land Mort- gage .Bank L td.”, the words, "The Coope­ ra tiv e Agric ulture and Rural Develop­ ment Bank Ltd.”, shall be substituted: (ii) in clause (c), for the words, "Coopera­ tive Land Mortgage Bank”, the words, "Cooperative Agriculture and Rural De­ velopment Bank”, shall be substituted. bttertioBof 6. In the principal Act, after section “TiaV the following new section shall be in- £<* serted, namely :— I of lrfcl. w "11 A (1) Where advance is made against hypothecation of assets, the Mort­ gage Bank shall have power to put the assets on sale for default by the borrower of payment of instalment due. *96 THE ASS AM GAZE TTE. EXT RAO RDI NAR Y MAY 12, 1990 (2) No such power shall be exercised unless;— (a) notice in writing requiring pay­ ment of instalment due has been served upon the bor row er; and (b) default has been made in pay­ ment of such instalments due for three months after such service.” Amendment ot section 12 7. In the principal Act, in section 12, ifrfi96iActfo r the existing provisions of sub-section ° ' (2), the following shall be substituted, nam ely:— "(2) The sale shall be by public auction and shall be held in the village where the mortgaged property is si tuated or at the nearest place of public resort or in the office of the Sales Officer- whichever place, in the opinion of the Sales Officer, is likely to at tract the maxi­ mum number of bidders and the property is likely to sell to better advantage there.” ' ■ R. LASRAR, Secretary to the Govt, of Assam, Legislative Department. U Vr AH ATI—Hunted *nd published by tha Dy« D font tor (P) Directorate W Ptg. aed Sty Cuwnhflti—-21 fE» No« 149— 1«11^ —500—