The ASSAM CO-OPERATIVE LAND MORTGAGE BANK ACT, 1960
THE A5SA~~ CO-OPERATIVE LAND MORTGAGE BANK

ACT, 1960

### J ~eceived the <1.ssent of the President on the 29th December 1960

ublished in the Assam _Gazette,_ Extraordinary, 'dated the 5th January 1961

CONTENTS

1. Short tide, extent and cummencement.

2. Definitions.

3, Appointment ofTrustee and his powers and fur.ctions,

4, Trustee to be Corporation sole.

5. Istiue of debentures by the Board,

6. Charge of debe.f'lture holders on certain !JrOperties.

7. Guarantee by Sta te Government of principal of, and interest oe

debentures.

_8._ Distraint-when to be made.

9. Distrnint-how to be effected.

10, Sale of property distrained.

11. Po.ver of sale when to be exercised.

l:.!. Application for sale and manner or sale .

###### 13. Application to set aside sale on d ::p osit and confirmation of sale

iri default or on di!missal of s•Jch application.

14. Distribution of proceeds of sale.

15. Certificate to purchaser.

16. Delivery of property to purchaser.

17. Appointment of Receiver and his powers.

18. Title of purchaser not to be que3tion::d on the ground of irre~

gularity, etc.

19. Appointment of Sales Officers.

20. Right of Mortgage Bank or of th e Central   - Mortgage Bank to
purchase the mortgaged properly at sale.

21. Mortgages executed in favour of Mortgage Bank tJ stand vested
in Central Mortgage Bank.


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###### 2

22. Powers of the Mortgage B-:1.nk wher~ property r,,.... de>troyed or
security becomes insufficient.

23. Power of Board <;>r of Trustee to distrain and sale of property, etc.

24. Mortgagors' powers to lea5e.

25. Mortgage not to be questioned on insolvency of mortgagor.

26. Power of Mortgage Bank to receive money and grant valid dis-

charge notwithstanding assignment ol ivlortgage deeds to the
Central Mortgage Bank.

27. Priority of Mortgage over certain claims.

28. Right of Mortgage Bank to pay prior debts of mortgagor.

2 9. Registration of documents executed on behalf of a Mortgag~

Ban"k or of the Central Mortgage Bank.

I

30. Proof of documents or entries in documents.

31. Provisions of the Act shall apply to loans advanced by Mortgage
Banks from funds not borrowed from the Central Mortgage
Bank.

32. Service of Notice.

33. Sections 102, 103 and 104 of the Transfer of PJ"09erty Act, 1882,
to apply to such notices under t!J.is Act.

34. Officers ·of Mortgage Banks and the Central Mortgage Bank and I

sale officers 'not to bid at &ale.

35. Delegation of certain powers by Board

36. Powers of the State Government to make Rules.

37. Powers _o{_ the Board to make regulations.

THE AS5AM CO-OPERATIVE LAND MORTGAGE BANK

ACT, 1960

_An_
_Act_

to facilitate the working of the Co-operative

La ud Mortgage Ba:ak s in the State of Assam .

Preamble. Whereas it is expenient to facilitate the working o f

the Co-operative Land Mortgage Banks in the State

of Assam with a yiew to providing for the f!Tant of
long-term loans to owners of land or other immov-
able property to enable them to disch :.i rge their debts ;
to carry out agricultural improvements and to promote
thrift and self-help among them, in the m anner
hereinafter appearino,- :


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It is hereby .. nacted in the E'.leventh Year of the
Repu blic of .i ndia as follows:-

Short title, 1. (I) This Act may be called the Assam Co-ope.

extent and rative Land Mortgage Bank Act, 1960.

commence·
mcnt.
(2 \ I 1i exter1ds to the whole of the State of Assam

(3) It ~hall come into force on such date as the

State Government may, by uotification in the official

Gazette, appoint.

Definitions, 2. In this Act, unless there is anything repugnant
in the subject or context,-

(a) "Board" means the Board of Directors of

the Assam Co-operative Central Land

Mortgage Bank Limited.

_(bJ_ "Central ~fortgage Bank" means the Assam

Co-operati\'e Central Land Mortgage Bank
Limited.

(c) "M·1rtgage Bank". means a C:>-operative Absam Act

Lanrl Mortgage tank registered under tr.e I of 19SO.

Assam Co.operative Societies' Act, 1949 and
ad,nitted as a member of th1.. Central

Mortgage Bank.

(d) "Committee" means, in relation to Mort-

gage Bank, the Board of Dircctur. or R)ard

of Management or the Panchayat or the
Committee of Management or the Gover-
ni ig B·)dy to 'A horn the management of its
affairs 1i.i entrusted.

( e) "Pr ~scr ib~d" means prescribed by rule

made by the State Government under this
Act.

(f) "Registrar" means a person appointed toAssam _Act_

perform the duties .of Regi)trar of Co- Jof 1950.

operative Societies under the Assam Co-
operative Societies' Act of 1949.

(g) "S.:Je Officer" means the Sale Officer ap-

pointed under Section 19 of this Ac~ to

attach and sell the property of defaulters
or to execute any decree by attachment and
sale of property.

{h) "Trustee" means the Trustee appointed
under Section 3 of this Act.


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Appointment 3. (1) The Registrar, or where the State Government

of dTru~t.ee appoint any other rerson in this behalf, such officer,

;~we'r~ a~d shall be tl1e Trustee for the purpose of securing the
functi ons. fulfilment of the obligations _ot_ the Central Mortgage
Bank to the holders of debe11tures issued hy the Board.

(2) The powers and functions of the Trustee shall
be governed by the provisiom of this 1\cl and by th~
instrument of trusl executed between the Central
Mortgage Ha nk and the Trustee as modified from time
to time by mutual agrLement between the Board and
the Trustee.

4. The Trustee appointed under Section 3 shall be a
Trustee to . ,
be <.Jorpo- Corporat10n ~ole by the name of the Trustee for the
ration Sole. debentures and as such shall have perpetual succession
and a comrron seal and in his Corporate name shall
sue and be sued.
5. (1) With the previous sanction of the Trusteef '
I ssue o f d e- h B d f . . . d b

b entures b/ e oar may, ro~ tu:ne to time, issue. e ent':res o

_th e BJard. one or more denominations for such periods as 1t may

deem expedient, on the security of the mortgages and
other as£els transferred or deemed to havt l;een trans-

ferred under Section 21 by t.he Mortgage Banks to the

Central Mortgage Bank and other propt1tit~ of Central
Mortgc. ge Bank.

(2) Such debentures may contain a term fixing a

period not exceeding ten years frorn the date of issue
during "bich they shall be irredl em able or reserving
to the Board the right to call in at ao1)' time any of the
debentures in advance of the dare fixed for nclemption
after giving to the debenture holdc-r concerned not less
than three months' notice in writing.

(3) The total amo.unt due on the debentures

issued by tLe Board and outstanding at an) ume ~hal

n0t !'.xceed the aggn:gate of (a) 1he amounts due on
the mcrtgage ar.d tl:e value of the otlier asEets trans-
ferred or deerr.ecl to hc.se been nansferrcd under

Section 21 by the M01tgage Barks to the Central Mort-
gage Bank and 5111:Jsisting at such tin.e; and (b) the
amounts paid under the mortgages a !Orrsaid and
remaining in the rands of the Board or of the Trustee
at that time.

Charge of 6. The ho!ders of the debentures h:we 'l floating
Debenture
Holders on ch ;i rt,e on-
certain pro- ( a) all ;uch mortg"'!ges and as•cts as are referred
pertie s. to in clause (a) of sub- ection _[1]3)_ of Section

5;

(b) the amount paid und· r such mort2'ages and

remaining in tl:-.e hands of the Board or of
the Trustee; and
(c) the otht'r properti's of the Central Mort•

gage Bank.


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G~urantee 7. (I) The principal of and interest on, the
Gby overnment J State debentures • issued under Secti:on 5, shall in respect of

of Principal such maximum amount as may be fixed by State

of, and in- Government and subject to such condition as it may
terest on, think lit to impose, carry the guarantee of the State
debentures. Government.

(2) The State Government r:yay subject to any
law of the legislatur~ of the State increase the maxi-
mum amount of any guaiantee given under sub->ec -
tion (I).

(3) The State Governme_nt may, after consul ting
the Board and the Trustee:-

_(a)_ by notification in the official Gazette; and

( b) by no tire of not lcs~ titan fourteen days in
such of the principal news papers in the State and
of other States in India as the State Government
may select in this behalf;

discontinue any i, uaran tee given by it or re5trict the

m<1ximum amount thereof' or modify the conditions,
subject to which it. is given with effect from a

specified <ld te, not being earlier than six months
from the date of publtca.1ion of the notification in

the official Gazette:

Provided that the withdrawal, restrict10n or modi-

fication of any guarantee shall not in any way affect
the guarantee carried by any debenture issued rrior /
to the date on which such withdrawal, restriction or
modification takes effect.

(4) Every notification and notice referred to in
sub-section (3) shalt where the maximum amount of
guarantee is to be restricted or the conditions subject
to wliich the guarantee is given are to be modified,.
set fut th precisely the scope and effect of the restriction
or modification, as the ca~e may be.

Distraint-
when _to_ be 8.(1) If any instalment payable under mortgage
made; executed in favour of a Mortgage Bank or any par~

of such instalment has remained unpaid for more
than one month from the date on which it fell due,
the Committee ma l' in addition to any other remedy
available to the said Mo1 tgage Bank, apply to the
Registrar or to such person as the State Government
may appoint in this behalf for the recovery of s•1ch
instalment or part by distraint and sale of the pro-
duce of the mortgaged land including the standing
crops therecn.


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(2) On receipt of ~uch application the Registrar

or the per;on a~ the State Governm.:::i t m 1y appoint Act IV of
in tliis behalf m1y, ftotwithstanJi ;1 g anything con- 1802.

t .1 ined in the Tr;insfer of Prooerty Act, 1882, take
<iction in the n.anner as prescribed for the purpose of
distraining and selling such prc,duce :                     -

Provided that no distraint shall be made after the
expiry of twelve months from the date which the
instalment fell due.

(3) The value of the properly distrained shall be
as nearly as possible, equal to the amount due and

the txpemes of the diitraint and the er st of tht sale.

to Distrainthow be effi ct- g · (l) B,. e1ore or at t h e time · w h en a d istramt · is
ed. e made und ·r Section 8, the distrainer shall s<.:rve or
cause to be served u pon the dl faulter a written

dcm i nd specifying the amount for which the distraint
is made.

(2) The dem ;,n<l shzill be d,.tnd and signed b; the
distrainer and shall be served upon the delaulter by
delivering _z._ cop] to hi '11 or in his absence to some

a dull member of his family at !fr usu -1 place of abode

or to his authorised agent or whc-n such s~n ice can-

not be effected, by affixing a copy of the demand on
some conspic..uous p. rt of hi1 abode and of his land.

,· ale ofpro- 10. ( 1) lf, within 15 da's from the date of service

per~ ddis- of dew a id rtf~ rred to in Section 9, the defaulter does
trame                 - not pay t h · e amount 1· or w. ic h' h h L _e d ' 1~tram t was euecte , rr d
the distrainer may sell, in auction, the distrained
property or such i:;art thereof, as n,ay in his upinion
be necessary to satisfy the demand together with the
expenses of the distraint and 1he coat of the sale.

(2) Frum the proceeds of such $ale, a deduction

shall be made at a rate not exceeding 6 naye paise
in the 1upee on account of the co5t of the sale

(3) From the balance shall be deducted the expen-

ses incurred by the distrainer on account of the
distraint.

(4) The rem ainder, shall he applied to t1ae dis-
charge of the arn otu t for which the . <lisll aint was

made.

(5) The surplus, if any ~ hall be del ivered to the
person whose prope1ty has been sold and he }hall
###### le given a receipt for the am0unt discha1ged f1om
the proceed~ of the sale.


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Power of sale 11 ( l) Notwithsta,1ding anythin"" contained in theAct IV of
h b            - "' 1"82 0

~e~~i:~d . eTransfer of Pr1perty Act, 188 !, where a p_ower of

sale without the intervention of the comt \s exµresfily
confrrreu on the M ortga~e Bank by the mortg a~e deed,
the Committee of such bank or any person authorised
by such Com-mittee in this behalf shall, in case ·of
defalt of paym.mt of the mo1tgdge money or any
El.art thereof, have power in addition to any other

remedy available to the bank ro bring the mortgaged
property to sale without the intervention of the court

(2) No such power ;hill be execcised unles~ and
###### until-

( a) the Bo::1.c·d h::is previouily a c1 ho rised the

exercise of the power confeued by su[1]J-

section ( l) after hearing t'.1e objection<>,
if any of 1 he mor· g 1gor :

(b) notice in wri~ing requiring payment of farh

mortgage money or part has been served
###### upon-
(i) the mortgagor :

(ii) any person ..... ho has any intere3 ~ in _or_
charge ppon the property mc•rtg::i.o,; ed

or in or upon the right to red('em the
same ;

(iii) any surety for the payment of the
mortgaged d ~bt or a!ly part thereof ;

(iv) any credibr of the mortgagor who

ha~ in a suit for the adminis1ration
of his estal'e obtained a decree for sale
of the mortgaged property ; and

(c) default ha~ beeu PJade in payment of such
mortgage money or · part thereof for three
months after such service.

Application 12. ( 1) In exercise of the power of sale conferred
for sale and by Section 11 and in conformity with the provisions
manner of thereof, the Committee of a Mortgage Bank or any

sale person duly authorised by such Committee may
apply t·"l the Sale Officer appr:iinted ir:1 tint behal
under Section 19 to sell the mortgaged property
or any P3.rt t~1cre.:>f and such officer sh.i.11 after-

giving n otice of 30 days in wntmg to all the
persons referred to _i-i_ Section 11, sell proper•y in
the manner prescribed.

(2) 1 he sale shall Le by public auction :in.cl shall
be held in the _village where the mortgaged proper-
ty is si tuated or at the nearest place of public
resort if the S..1.le Offir:er is of opinion that the pro-
perty is likely to ~e'.l to better advantage there.


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Applicati?n 13. _(I)_ When a mortgag~d property has been
to set aside sold under the provisions of this Act, the mortgagor
sale J                                             - and a d de- or any person having · a r1g · h t or mtere · ;t t h erem ·
I OSI 11 1 . . h" I . '
confirmation affected by the sa e may, at any time, wit in t 11rty
of sale in days from the date of sale, apply to the Committ<'e

defau~t . or[1]of the Mortg;;ige Bank conceined to hwe the sale
on of d1sm1ssal auch ap-set asi e on "d h. I~ d eposltmg · · at t h e o 1ce o sue ffi f I 1
plication Bank.

(a) for payment to the Mortgage Bank. the amoun
specified in the proclamation of sale together with
subsequent inteerest and the costs, if any incurred
by the bank in bringing the property to sa~e ; and

(b) for paymeut to the purchaser, sum equal to
uch per cent of the purchase money as prescribed ;

(2). If such deposit is made, the Committee shall
make an order setting aside the sale.

(3) Where no .application is made u1,der ~ub­

section ( 1) or where such application is made and
disallowed, the Committee shall apply to the Regis-
trar _or_ to the pason appointed by th..: State in
this behalf to make an order co:i.firmirg the sale
and on such officer's confirming the sale, it shall
become absolute.

Distril>ution 14. (1) The proceeds of every sale under the
of P( [0] ceed• provisions of Sections 11, 12, 13 of this Act shall
ofsa e. be applied by the Sale Officer, first in payment of all
costs, charges and expenses actually incurred by
him as incident to the sale or any proposed llale ;
secondly, in payment of all interest due on account of
the mortgage in consequence whereof the mortgaged
property was sold ; thirdly, in payment of the
principal money due on account of the mortgage ;
and lastly, in payment of the residue, if any, with the
approval of the Registrar or the officer appointed by
the State Government in this behalf to the person
interested in the property sold or if there are more
such persons than one then to such persons according
to their respective interests upon their joint receipt.

(2) Any person dissatisfied with the decision of the

Sale Officer in regard to the distribution of the residue
under sub-section (1) may, within thirty days ofthe
communication tu him of such decioion, institute a suit
to establish the right amount of interest he claims in a
Civil Court within whose jurisdiction the property sold
is situated.

(3) The Sale Officer shall not distribute the residue
under sub-section (I) until thirty days have elapsed
from the communication of his decision to all tht;

persons concerned or if a suit _has IJeen insti tutod


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within the said period of thirty days by any such persort
until the suit is disposed of or otherwise terminated and
on such disposal or termination, the residue shall be
distributed in accordance with the decision of the
court.

_Explanation :-In this sub-section "Court"_ means the
Civil Court which would have jurisdiclion to entertain
a suit to enforce the mortgage and within the limits of
whose jurisdiction the property sold is situated.

Certificate- 15. Where a sale of mortgaged property has become
to purchaser.absolute, the Sale Officer shall grant a certificate

specifying the property sold and the name of the
person who, at the time of the sale, is declared to be
the purchaser. Such certificate shall bear date and the
day on which the sale became absolute.

Drlivery of

16. (1) Where the mortgaged property sold is in the

property to
p11rPhaser. actual possession of the mortgagor or of some person

on his behalf or of some person claiming under a title
other than a lease for a period not exceeding three
years created by the mortgagor subsequent to the
mortgage in favour ofthe Mortgage Bank and a certi-

ficate in respect thereof has been granted under
Section 15, the court shall on the application of the
purchaser, order delivery of the property to be made
by putting such purchaser or his agent specially ap-
pointed in writing for the purpose in possession of the
property.

(2) Where the property sold is in the occupation of
a tenant or other person entitled to occupy
the same and a certificate in respect there-

of has been granted under Section 15, the court
shall, on the application of the purchaser, and
after notice to such tenant or other person, order
delivery to be made to the purchaser by affixing a
copy of the certificate of sale in some conspicuous
place on the property and proclaiming to the
occupant and the public by beat of drum or other
customary mode at some convenient place that the
interest of the mortgagor has been transferred to the
purchaser.

(3) In regard to the cases dealt within sub.
sections (1) and (2), the provisions of rules 97 to 103
of Order XXI of the first schedule to the Code of
Civil Procedure, 1908 shall, _mutatis mutandis_ and so
far as may be, apply. Act of 1908

_Explanation: -In this Section_ "Court" shall have
the same meaning as in Section 14 .

###### •


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###### 10

Appoir.t· 17. ( I) The Hoard may on the application of a

ment 01 Mortgage Bank and under circumstances in which the

Receive1 power of sale conferred by Section 11 may be exer- .

an1 his
powers cised, appoint in writing, a Receiver of the produce

and income of the mortgaged property or any part

thereof and such Receiver shall be entitled either to
take possession of the property or collect its produce
and income, as the case may be, to retain out of any
money realised by him, his expenses of management
including his re muneration, if any, as fixed by the
Board, and to apply the balance in accordance with
tl:.e provisions of sub-section (8) of Section 69-A of Act IV
the Transfer of Property Act, 1882. 1882,

l2) A Receiver appointed under sub-section (I)
may, for sufficient cause and on application made by
the mortgagor, be removed by the Board.

(3) A vacancy in the office of the Receiver may

be .filled up by the Board.

(4) Nothing in this Section shall empower the
Board to appoint a Receiver when the mortgaged
property is already in the posseasion of a Receiver
appointed by a Civil Court.

Titleh of 18. Where any property is sold in the exercise or
pure aser .
not to lie purported exercise of a power of sale under the pro-
questioncd vision of this Act, the title of the purchaser shall not
on the be queitioned on the ground that-
ground of

irregulari-

_(a)_ the circumstances requir~d for authorising

ty, etc.

the sale had arisen ; or
(b) due notice of the sale wa~ not given; or
(c) the power of sale was otherwise improperly

or irregularly exercised ;

' but any person who has suffered any damage by an
unauthorised, improper or irregular exercise of any
such power shall have a remedy in damages against
the Mortgage Bank. Such property, shall vest in the
purchaser free from all encumbrances.

A..,po'nt· 19. The Registrar shall appoint Sale Officers for
ment of
Sale the purpose of conducting sale under the provisions of
0 tncers. thi8 Act.

Rigrhtgt of 20. (l) Notwithstanding anything contained in
mo al!'c l c: h . b . . .
Bank or of any aw 1or t e time emg In force, it

the Central shall he lawful for a Mortg<lge Bank or the Central
Mortgage Mortgage Bank to purchase any mortgaged property

Bant to sold under this Act and the property so purchased

Pt~~c a~ort· shall be disposed of by such Bank by sale within such
gaged pro· period as may be fixed by the Trustee.
perty at
sale.


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(2) Nothing in the Assam Fixation of Ceiling on
Land Holdings Act, 1956 fixing a maximum limit of A~safrn Act

agncu . 1 rura 1 h Id' o mg s a h ll app 1 y to t e h acq u1smon o · · · f l [0 ] l957 .-.--.-...._

land by a Mortgage J3ank or the Central Mortgage
Bank under sub-section (I).

Mortgai;es 21. The mortgages executed in favour of, and all

executed in other assets transferred to a Mortgage Hank by the

~vo~r of members thereof shall, with effect from the date of

Ba~~gage to such execution or transfer (including those mort aged
stand vested to a Mortgage Bank before commencement of this

IV of in Central Act) be deemed to have been transferred by such

~fo~gage Mortgage Banks to the Central Mortgage Bank ana

an           - shall stand vested in the Trustee.

~:~rs of the 22. Where any property mortgaged to a Mortgage

Ban~g~~ere Bank is wholly or partially destroyed or the securit;
property is is rendered insufficient and the mortgagor, having
destr?yed or been given a reasonable opportunity by the Committee
iecurity ~e· of the Mortgage Bank, of providing fur thrr security
comes tn· h d l . . I.
sufficienti enoug to ren er the who e secunty sufficient o
repaying such portion of the loan as may be deter·
mined by the Committee, has failed lo provide such
security or to repay such portion of the loan, the
whole of the loan shall be deemed to fall due at once
and the Committee shall be entitled to take action
against the mortgagor '1nder Section 8 or Section 11
for the recovery thereof.

_Explanation.-A_ security is insufficient within the
meaning of this Section unless the value of the mort-
gaged properly exceeds the amount for the time being
due on the mortgage by such proportion as may be

specified in the bye-laws of the Mortgage Bank.

~ 011 i; 0~ 23. (I) The Board or the Trustee may direct the

r~~:tceor ~o Committee of a Mortgage Bank to take action ag:i.irist

di train and a defaulter ur.der Section 8, Section 11 or Section 22

sale of pro• and if the Committee neglects, or fails to do so, the
perty, etc. Board or the Trustee may take such action,

(2) Where such action is taken by the Board the
provisions of this Act and of any rules made in this
behalf shall apply in respecf thereto as if all references
to the Mortgage Bank and to its Committee in the

said provisions were references to the Central Mort-
eage Bank and the Board respectively.

(3) Where such action is taken by the Trustee, the

provisions of this Act and of any rules made there-
under shall apply in respect thereto as if all references
to Mortgage Bank or to its Committee in the said
provisions were references to the Trustee.


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###### . 12

MoTtgagors' 24.. (1) Notwithstanding anything contained in the Act IV

Power to Trar.sfer of Propertv Act, 1882, or in any other law lBt.!.

ease. r lOr t e h time · b • emg m iorce, a mortgagor s a · r h 11 not

1

grant a lease of the mortgaged property for a period
exceeding three years.
(2) Any lease granted in contravention of the pro·

visions of sub-section (1) shall be void.

not Mortgage to be 25. Notw1thstandmg • . ~nvth~ng contained in the

que~tioned Provincial Insolvency Act of 1920 and in any law

00 [i~solven· ] [relating to insolvency, a ] [mortgage ][executed ] [in ] [favour ]
;rg~r mort· of a Mortgage Bank shall not be called in question on

                                                     - the ground that it was not executed in good faith
for valuable consideration or on the ground that it
was executed in order to give the Mortgage Bank a
preference over the other creditors of the mortgagor.

Power of 26. Notwithstanding that a mortgage executed in

B:~~ga,~e re- favour of a Mortgage Bank has been transferred, or is
ceive money deemed under the provision of Section 21 to have
and grant been transferred to the Central Mortgage Bank-

valid dischar-
ges notwitb·
standing 3}si\1ment (a) all monevs due under the mortgage may, in the

~eedso:~g~~ absence of any specific direction to the co.ntrary issued
Central by the Board or Trustee and commumcated to the
Mortgage mortgagor, be paid to the Mortgage Bank and such

'Sank. payment shall be valid as if the mortgage had not

been so transferred ; and

(b) the Mortgage Bank shall, in the absence of
any ~pce ific direction to the contrary issued by the
Board or Tiustee and communicated to the Mortgage
Bank be entitled to sue on the mortgage or take
any other proceedings for the recovery of the

moneys due under the mortgaged.

Priority of 27. A mortgage executed in favour of a Mortgage
mortgage. Bank and Central Mortgclge Bank shall have prio-
ove! certam rity over any claim of the Government arbingfrom a
cl rums · loan un d er the Land . Improvement Leans Act, 1883
or the Agriculturist's Loans Act, 1884 granted after'
the execution of the mortgage.

R ight of 28. Where a mortgage is executed in favour of
Mortgage a a Mortgage Bank fo 1 payment of prior debts of
###### td b~~ the mortgagor, the Bank may, notwithstanding the
# :i:

ofmort;agor provisions of Sections 75 and 76 of the Transfer
of Property Act, 1882 by notice in writing, require
any person to whom any such debt is due, to
receive payment of such debt or part thereof from
the Mortgage Bank at its registered office within
such period a' -µiay be specified in the notice.


-----

of (2) Where any such person fails to receive such

notice or such payment, such debt or part thereof
as the case may be, shall cease to carry interest
from the t;xpiration of the period specified in the
notice:

Provided that where there is a dispute as regards

the amount of any such debt the per3on to whom
such debt is due shall be bound to receive pay-

###### V of ment of the amount offered by the Mortgage Hank

towards the debt, but such receipt shall not
prejudice the right, if any, of such person, to recover
the balance claimed by him

. . 29. (1) Notwith,tanding anything contained **in** the

Registration Indian Registration Act 1908 it shall not be neces- Act XVI of
of documents ' 1908.
executed on sary for any officer of a Mortgage Bank or of the
behalf of a Central Mortgage Bank to appear in person or by
Mortgage agent ::it any 1 egistration office in any p~oc..!edings

~hank~r tofl connected with the registration of a.ny instrumevt

M~rtga~:a executed by him in his official cap::tcity or to sign
Bank, as provided in SeGtion 58 of that Act.

(2) Where any instrument is so executed, the

registering officer to wh')m such istrument is presented
for regi>tration, may, if he thinks fit, refer to such
officer as stated in sub- ;ec ti on ( l) for information
respecting the same, and on being satisfied of the
execution thereof, shall register the instn•ment.

Proofof do- 30. Any Mortgage Ban1< or the C~ntral Mortgage

cum.ents ?r Bank may grant cophs of any document obtained
cdniriea tin and kept _by it_ in th e course of its busine3s or of any

c•1men '· . . h d d d
entries rn sue ocument ; an any copy so grante

shall, where certitied in such manner as may be pres-
cribed, be admis>ible in evidence for any purpose
in the same manner and to the same extent as the
original document, or the entries therein, as the case
may be.

Provisions 31. The provisions of the Act shall apply also to
of the \ct the loans advanced by Mortgage Banks from fonds
shall applv which have not been borrowed from the Central
to loans ad- Mortgage Bank.
vanccd by

Mortgage
Ranks from
fun1s not
borrowed
from the

Central

lortg age
**Bank.**


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Senice of 32. Whenever under the provisions of this Act
notice. notice is required to be given to any person i.n writing,
it shall be sufficient to send such notice by :-

(i) Registered post with acknowledgement due,
or _(ii)_ personal service through official
messenger or _(iii)_ affixing a copy of the
notice at the last known place of residence
or business of the person concerned
through any office bearer or employee of
the Central Mortgage Bank or Mortgage
Bank, as the case may be, with two wit-
nesses when the person concerned refuse3
to accept the notice and sign the acknow-
ledgement or he cannot be found.

Sections 102 33. Tlie provisions of Sections 102 and 103 of the

103 and 104 'Transfer ?f Prop erty Act, 1882_, and of any rules made t3~                                - IV of
2
of the Trans· by the High Court under Section 104 of rhat Act for
fer t of ~r~- carrying out the purposes of the said S ections, shall
f~~l ct~ apply, so far as .may, in respect of all notices to be

appl} to served under this Act.
such notices

under this
Act.
34. At any sale of movable or immovable property

Offitcer of held under the provisions of this Act in order to
M or gage .
Bank and recover any money due to a Mortgage Bank, no
the Central Director, Secretary or other Officer of such Bank or
Mortgage of the Central M )rtgage Bai:k (except o;i behalf of
Bank ffiand the Bank of which he is a Director or Secretary or an
sa e o cers 1 ffi I .
not to bid 0 cer) and no sa e officer or o ther persons havmg

at sale. any duty to perform in connection with such sal,.,

shall either directly or indirectly bid for or acquire or
attempt to acquire any interest in such property.

Delegation 35. ~he Board may, if it ~hi n ks fit , delegate all or
of certain any of its powers under Sections ll, 17 and 23 to an
powers by Executive Committee constituted by it and consisting
Board. of two or more of its members.

Powers of 36. 0) The State Government may, by notifica-
the State tion in the official Gazette, make rules for carrying
Government out the purposes of the Act.
~ 1 [make ] (2) In particular, and without prejud ice to the
u es. generality of the foregoing power, such rules may pro-
vide for all or any of the following matters, namely-
_(a)_ the manner of effe\:ting <listraint ;
_(b)_ the custody, preservation and sale of dis-

trained properly ;

_(c)_ the investigation of claims by persons
other than the defaulter to any right or interest in
the distrained property and for the postponement of
the sale pending such investigation ;


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(d) the immediate sale of perishable articles ;

_(e)_ the due proclamation and conduct of the sale ,

###### (f) the recovery of the expenses of proclamation
and sale ;

_(g)_ the deposit of the purchase money ;

_(h)_ the re-sale of the property, if the purchase
money is not deposited ; and

(il any other matter which has to be, or may be,
prescribed.

(3) All rules made under this Section shall
be laid for not less than fourteen days before
the Assam Legislative Assembly as soon as possible
after they are made, and shall be subject to such
modifications as the Legislative Assembly may make
during the Session in which they are so laid or the

Session immediately following.

Power of the 37. (1) The Board may, subject to the approval
Board to of the Trustee, make regulations not inconsistent with
ma.kc Regu· the provisions of this Act and the rules made there-
lal!ons . under for enabling it to discharge its functions under
thi9 Act.

(2) In particular, and without prejudice to _the_
Jenerality of the foregoing power, such regulations
may provide for all or any of the following matters,
namely:-

_(a)_ fixing the period of debent1Jres and the rate
of interest payable thereon ;

_(b)_ calling in debentures after giving notice to
debenture holders ;

_(c)_ the issue of new debentures in place of deben-

tun~s damaged or destroyed ;

_(d)_ converting one class of debenture into ano-

ther, bearing a different rate of interest ;

_(e)_ the inspection of the account books and pro-

ceedings of Mortgage Banks ;

( f) the submission of returns and reports by
Mortgage Banks in respect of their transaction ;

_(g)_ the periodical settlement of accounts between
Mortgage Bank and the payment of the amounts
recovered by Mortgage Banks on mortgages transferred
or deemed under the provisions of Section 21 to have
been tn.nsforred to the Central Mortgage Bank;


-----

I~

_(h)_ specifying the form in which applications
to Mortg~ge Banks for loans should be made and for
the valuation of the properties offered as security for
such loans;

_(i)_ the investment of moneys realised from mort-

gagor; and

( j) generally for any other matter in respect of
which the Board s:onsiders provision should be made
for the purposes of this Act.
## ,

(3) All such regulations shall be published in the
official Gazette.

ASSAM ACT No.II OF 1961

THE GAUHATI UNIVERSI fY (AMENDMENT) ACT, 1960

(As passed by the Assembly)

Received the assent of the Governor on the 6th January 1961

[Published in the Assam _Gazette,_ Extraordinary, dated the 10th

January, 1961]

_An_

_Act_

_further_ _to_ _amend the_ _Gauhati_ _U niversiry_ _Act, 1947_

Preamble. WHEREAS it is expedient further to amend the Assam Act
Gauhati University Act, 1947, hereinafter called the ~v; ol

Principal Act, in the manner hereinafter appearing ; 4 •

###### It is hereby enacted in the Eleventh Year of
 the Republic of India as follows :-

Shon title. 1. (1) This Act may be called the Gauhati

:1!ce~~:r: University (Amendment) Act, 1960.

###### (2) It shall come into force on such date as the
 State Government may, by notification in the official Gazette, appoint.

Amendment 2. In Section 2 of the Principal Act,-
of Section 2
of Assam Act

XVI of 1947.
###### (1) the following shall be instead as clause (a) and the existing clause (a) shaill be renumbered as clause (aa), namely:-
_(a)_ 'Board of SecQndary Educaition' means


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