The Assam Co-operative Land Mortgage Bank (Amendment) Act, 1990
<f—bs Registered No. A—12

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 THE ASSAM GAZETTE

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# EXTRAORDINARY

79S " W OTP>W

### PUBL7;3H3D BY AUTHORITY

M 75 ft’ * ’ , iSttm, 12 IS , 1990, 22 1912 ("(»)

**No. 75** **Oitpnr, Saturday, 12th 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

**LEGISLATIVE DEPARTMENT : LEGISLATIVE BRANCH** **-**

NO TIFICA TION

The 11th May 1990.

N o. L G L . 155/88/22.—The following Act of the As sam

Legislative Assembly which received the assent of the

Governor is hereby published for general infor ma tion.


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«9[4 ] T H E ASSAM GAZETTE, EXTRAORDINARY, M A Y 1M M0

A SSA M A C T N O . V III O F 1990

(Receiv ed the assent of the Go vernor on 8th M ay, 1990)

##### THE ASSAM COOPERATIVE LAND
 MORTGAGE BANK (AMENDMENT)
 ACT, 1990

 An

Act

##### furth er to amend the Assam Co­
 operative Land Mortgage Bank Act, 1960.

 Preamble. Whereas it is expedient furth er to
 amend the Assam Cooperative Land
 Mortgage Bank Act, 1960, hereinafter Act
 referred to as the principal Act, in the 1 ofl961)
 manner hereinafter appearing;

 It is hereby enacted In the Forty-
 first Year of the Republic of India as follows :—
 short title. 1- This Act may be called the Assam
 Co-operative Land Mortgage Bank
 (Amendm ent) Act, 199Q.

 2. In the principal Act, In the long ° title of[8] title, for the words, "Cooperative Land
 lot 1961°* Mortgage Banks”, the words. "Cooperative
 Agriculture and Rural Development
 Banks” shall be substituted.

i

##### Substitution 3. In the principal Act, for the exis* ofPAM^,e ting preamble, the following shall be

**Act 1961. i of substituted, namely:—J**

##### "Whereas it is expedient to faci­
 lita te the working of Cooperative Agri­
 culture and Rural Development Banks in the State of Assam with a view to
 providing for grant of long-term and


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**tt if e ASSAM GAZETTE. EXTRAORDINARY, MAY 12, 1990 495**

#### short-term. loans for the purposes of agri* cultural development and activities
 incidental thereto, to finance construc­ tion, pf houses in rural areas, to promote rur^l industrialisation bv providing loans to artisans, craftsmen and small-entre­ preneurs and to advance loans to institu­
 tions .and corporate bodies engaged in activities which directly or indirectly help the farmers and the rural people, in
 the manner hereinafter appearing;”

**Amendment** 4. In the principal Act, in section I

#### and sub-section (1), for the words, ''The

**A«« i of 1961 Assam Cooperative Land Mortgage Bank”**
#### the words, "Assam Cooperative Agricul- ture and Rural Development Bank”, shall
 be substituted.

Amendment 4. In the principal Act, in section 2,—-
**of section 2**

**of Assam**
#### Act in elapse (b), [f]or the words, "The
 Assam Cooperative Central Land Mort-
 gage .Bank Ltd.”, the words, "The Coope­ rative Agriculture 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.


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***96** **THE ASSAM GAZETTE. EXTRAORDINAR 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 borrower; 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,_

#### i[f]rfi96i[Act]f[o 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 situated 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 attract 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—**


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