The Assam Co-operative Land Mortgage Bank Act, 1960
TH E ASSAM CO -OPERA TIVE LAND MO RTGAGE BANK

ACT, 1960

**Received th e as sent of the** **Pr esident on the 29 th De cember 1960**

ublished in the _Assam Gazette,_ Extraordin ary , dated the 5th January 1961

CONTENTS

**1.** Short title, extent and commencement.

2. Definitions,

3. Appointment of Trustee and his powers and functions.

4. Trustee to be Corporation sole.

5. Issue of debentures by the Board.

**6.** Charge of debe-nture holders on certain properties.

**7.** Guarantee by State Government of principal of, and interest or

debentures.

8. Distraint—when to be made.

9. Distrnint—how to be effected.

10. Sale of property distrained,

11. Po .verof sale when to be exercised.

12. Application for sale and manner of sale.

13. Application to set aside sale on deposit and confirmation of sale

in default or on dismissal of such 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 questioned on the ground of irre^

gularity, etc.

19. Appointment of Sales Officers.

**20.** Right of Mortgage Bank or of the Ce ntral' Mortgage Bank to

purchase the mortgaged pro perty at sale.

21. Mortgages executed in favour of Mortgage Bank to stand vested

in Central Mortgage Bank.


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22. Powers of the Mortgage Bank where pro perty iV destroyed or

security becomes insufficient.

23. Power of Board or of Trustee to distrain and sale of property, etc.

24. Mortgagors’ powers to lease.

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 of Mortgage deeds to the
Central Mortgage Bank.

27. Priority of M ortgage over certain claims.

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

29. Registration of documents executed on behalf of a Mortgage

Bank or of the Central Mortgage Bank.

/

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 Property Act, 1882,

to apply to such notices under this Act.

34. Officers of M ortgage Banks and the Central Mortgage Bank and

sale officers 'not to bid at sale.

35. Delegation of certain powers by Board

36. Powers of the State Government to make Rules.

37. Powers of the Board to make regulations.

THE ASSAM CO -OPERA TIVE LAND MOR TGAG E BANK

ACT, 1960

_An_
_Act_

to f acilitate th e w ork in g of th e Co-op erative

La ird M or tgag e Banks in the Sta te of Ass am .

Preamble. Whereas it is expedient to facilitate the working of

the Co-operative Land Mortgage Banks in the State

of Assam with a view to providing for the grant of
long-term loans to owners of land or other immov­
able property to enable them to discharge their debts •

to carry out agricultural improvements and to promote
thrift and self-help among them, in the manner
hereinafter ap pearing:


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It is hereby enacted in the Eleventh Year of the

Republic of India as follows:-—

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

extent and 1'ative Land Mortgage Bank Act, I960,

commence-

(21 It extends to the whole of the State of Assam

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

State Government may, by notification 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 Go-operative Central Land

Mortgage Bank Limited.

(bj “ Central Mortgage Bank” means the Assam

Co-operative Central Land Mortgage Bank
Limited.

                                                            -

(c) “ Mortgage Bank” , means a Co-operative Assam Act

Land Mortgage Bank registered under ttie 1 o f l9 5 0 ’

Assam Co-operative Societies’ Act, 1949 and
admitted as a member of the Central

Mortgage Bank.

(d) “Committee” means, in relation to Mort­

gage Bank, the Board o f Directors or Board

of Management or the Panchayat or the
Committee of Management or the Gover­
ning Body to whom the management of its
afiairs'is entrusted.

(e) “ Proscribed” means prescribed by rule

made by the State Government under this
Act.

(fj “Registrar” means a person appointed toAssam Act

perform the duties of Registrar of Co- !ofl950.

operative Societies under the Assam Co­

operative Societies’ Act of 1949.

(g) “Sale Officer” means the Sale Officer ap ­

pointed under Section 19 of this Act to

attach and sell the property of defaulters
or to execute any decree by attachm ent 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

an d^ hiT [a] PP°i[n t a n] y othe r person in this behalf, such officer,

power's and be the Trustee for the purpose of securing the

functions, fulfilment of th e obligations ot the Central Mortgage

Bank to the holders of debentures issued by the Board.

(2) The powers and functions of the Trustee shall

be governed by the provisions of this Act and by tin!
instrument of trust executed between the Central

Mortgage Bank and the Trustee as modified from time
to time by mu tua l agreem ent between the Board and
the Trustee.

4. The Trustee appointed under Section 3 shall be a

Ve^Corpo- Corporation Sole by the name of the Trustee for the

ration Sole, debentures and as such shall have perpetual succession

and a common seal and in his Corporate name shall
sue and be sued.

J
5. (1) With the previous sanction of the Trusteef

b entiues 'byth*5 Board may, from time to time, issue debentures o

th e Board. one or more denominations for such periods as it may

            - deem expedient, on the security of the mortgages and
other assets transferred or deemed to have been tians-
ferred under Section 21 by the Mortgage Banks to the

Central Mortgage Bank and other properties of Central
Mortgage Bank.

(2) Such debentures may contain a term fixing a

period not exceeding ten years from the date of issue
during which they shall be irredeemable or reserving
to the Board the right to call in at any time any of the
debentures in advance of the date fixed for redemption
after giving to the debenture holder concerned not less
than three months’ notice in writing.

(31 The total amount due on the debentures

issued by the Board and outstanding at any time shal
not exceed the aggregate of (a) the amounts due on
the mortgage and the value of the other assets trans­
ferred or deemed to have been transferred under

Section 21 by the Moitgage Barks to the Central Mort­
gage Bank and subsisting at such time; and (b) the
amounts paid under the mortgages aforesaid and

remaining in the hands of the Board or of the Trustee
at that time.

Charge of 6. The holders of the debentures have a floating

Debenture

charge on—

Holders on
certain pro­ (a) all such mortgages and assets as are referred
perties. to in clause **(a) of sub-section (3) of Section**

5j

(b) the amount paid under such mortgages and

remaining in the hands of the Board or of
the Trustee; and

(c) the other properties of the Central Mort­

gage Bank.


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Gaurantee 7. (1) The principa l of and interest on, the

Government [d e b e n t u r e] ? issued under Section 5, shall in respect of
of principal [s u c] h maximum emount as may be fixed by State
of, and in- Government and subject to such condition as it may
terest on, think fit to impose, carry the guarantee of the S tate

debentures. Governm ent.

(2) The State Government iyay subject to any

law of the legislature of the State increase the maxi­
mum amount of any guaiantee given under sub-sec­
tion (1).

(3) The State Government may, after consulting

the Board and the Trustee :—

(а) by notification in the official Gazette; and

(б) by notice of not less than 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 suarantee given by it or restrict the

maximum amount th ereo f'o r modify the conditions,
subject to which it is given with effect from a

specified date, not being earlier than six months
from the date of publication of the notification in

the official Gazette:

Provided that the withdrawal, restriction or modi­

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

**(4)** Every notification and notice referred to in

sub-section (3) shall where the maximum amount of
guarantee is to be restricted or the conditions subject
to which the guarantee is given are to be modified,
set foith precisely the scope and effect of (he restriction
or modification, as the case may be.

whwuobe 8.(1) a n Y instalment payable under mortgage

made: executed in favour of a Mortgage Bank or any part

of such instalment has remained unpaid for more
than one month from the date on which it fell due,
the Committee may in addition to any other remedy
available to the said Moitgage Bank, apply to the
Registrar or to such person as the State Government
may appoint in this behalf for the recovery o f such
instalment or part by distraint and sale of the pro­
duce of the mortgaged land including the standing
crops thereon.


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(2) On receipt of such application the Registrar

or the person as the State Government may appoint Act IV of

in this behalf may, frotwithstanfiug anything con- 1882.
tained in the Transfer of Prooerty Act, 1882, take
action in the manner as prescribed for the purpose ot
distraining and selling such produce :

Provided that no distraint shall be made after the

expiry of twelve months from the date which the
instalment fell due.

(3) Th e value of the property distrained shall be                     -

as nearly as possible, equal to the amount due and
the expenses of the distraint and the cost of the sale.

S'be^fflc t^ 9' (I) Before or at the time when a distraint is

e([j. ] made und r Section 8, the distrainer shall serve or
cause to be served upon the defaulter a written

dr rmnd specifying the amount for which the distraint
is made.

(2) 'The dem and shall be doted and signed by the

distrainer and shall be served upon the defaulter by
delivering a copy to him or in his absence to some
adult member of his faintly at hi- usu 1 place of abode

or to his authorised agent or when such service can­
not be effected, by affixing a copy of the dem and on
some conspicuous p. rt of bis abode and of his land.

ale ofpro- 10. (1) If, within 15 da\s from the date of service

t ? / * [S]" dema id rtf rred to in Section 9, the defaulter does

ram e . n Q t [ p] a [y ] a m o u l l t [ p]o r w [t,i] c [h ] distraint was effected,

the distrainer may sell, in auction, the distrained
property or such part thereof, as may in his opinion
be necessary to satisfy the demand together with the
expenses of the distraint and the cost of the sale.

(2) From the proceeds of such sale, a deduction

shall be made at a rate not exceeding 6 naye paise
in the iupee on account of the cost of the saie

(3) From the balance shall be deducted the expen­

ses incurred by the distrainer on account of the

distraint.

(4) The remainder, shall he applied to the dis­

charge of the amount for which the distraint was
made.

, (5) The surplus, if any shall be delivered to the

person whose propeity has been sold and he rhall
te given a receipt for the amount discharged from
the proceeds of the sale.


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Power of sale 11. (1) Notwithstanding anything contained in th eA ct IV of

Krercised 'Transfer of Property Act, 188 !, where a power of [18 2]

sale without the intervention of the court is expressly
conferred on the Mortgage Bank by the mortgage deed,
the Committee of such bank or any person authorised
by such Com-mittee in this behalf shall, incase of
defalt of payment of the mortgage money or any
part 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 shall be exercised unless and

until—

(a) the Board has previously an llorised the

exercise of the power conferred by sub­
section (1) after hearing the objections,
if any of ihe mortgagor :

(bl notice in writing requiring payment of such

mortgage money or part has been served
upon—

(i) the mortgagor :

(iii any person who has any interest in _or_

charge upon the property mortgaged

or in or upon the right to redeem the
same ;

(iiij any surety for the payment of the

mortgaged debt or any part thereof :

(iv) any creditor of the mortgagor who

has in a suit for the adminisiration

of his estate obtained a decree for sale
of the mortgaged property ; and

(c) default has been made 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 H an d in confermity with the provisions
manner of thereof, the Com mittee of a Mortgage Bank or any

sa le person duly authorised by such Committee may

apply to the Sale Officer appointed in that behal
under Section 19 to sell the mortgaged property

or any part thereof and such officer shall after-

giving n otice of 30 days in writing to all the

persons referred to in Section 11, sell pro perty in

the manner prescribed,

(2) The sale shall be by public auction and shall

be held in the ,village where the mortgaged proper­
ty is situated or at the nearest place of public

resort if the Sale Officer is of opinion that the pro­
perty is jikely to sell to better advantage there.


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Application 13. (1) When a mortgaged property has been

to set aside s o pj u n (j e r the provisions of this Act, the mortgagor

posdt^[1] a n d [o r ] [a n] y person having a right or interest therein

confirmation affected by the sale may, at any time, within thirty
of sale in days from the date of sale, apply to the Committee

default Or.'of the Mortgage Bank conce ited to have the sale

° [n] of su ch [S]ap-[s e t ] [a s] id [e ] o n his depositing at the office of such

plication Bank.

(a) for payment to the Mortgage Bank, theamou n

specified in the proclamation of sale together with
subsequent inteerest and the costs, if any incurred

by the bank in bringing the property to sale ; and

(b) for paymeut to the purchaser, sum equal to

uch per cent of the purchase money as p rescribe d;

(2^> If such deposit is made, the Com mittee shall

make an order setting aside the sale.

(3) Where no application is made under sub­

section (1) or where such application is made and
disallowed, the Committee shall apply to the Regis­
trar or to the person appointed by the State in

this behalf to make an order ^confirming the sale
and on such officer’s confirming the sale, it shall
become absolute.

Distribu tion 14 . (1) The proceeds of every sale un der the

°f fie[0C ee d]* P[r o v] *si° n s Sections 11, 12, 13 of this Act shall

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 sale ;
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 paym ent 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 pro perty 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 (I) may, within thirty days of the
communication to him of such decision, institute a suit
to establish the right amount of interest he claims in a
Civil Court within whose jurisdiction the pro perty sold

is situated.

(3) The Sale Officer shall not distribute the residue

under sub-section (1) until thirty days have elapsed

from the communication of his decision to all the

persons concerned or if a suit has been instituted


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within the said period of thirty days by any such person
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 jurisdicion 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 pi>rchaser.a k30iu t e , t [h] e [ g] a []]e [ Qfg] c e r s[hall grant a certificate ]

specifying the pro perty 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.

property to (1) Where the mortgaged property sold is in the

purchaser, 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 of the Mortgage Bank and a certi­
ficate in respect thereof has been granted under

Section 15, th e 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 app lication of the purchaser, and

after notice to such ten ant 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 dru m 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 XX I of the first schedule to the Code of
Civil Procedure, 1908 shall, _mutatis mutandis and so_
far as may be, apply.

_Explanation:—-In this Section “C ou rt” shall have_

the same meaning as in Section 14.


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## io

Appoint­ 17. (1) Th e Board may on the application of a

ment oi Mortgage Bank and under circumstances in which the

Receivei power of sale conferred by Section 11 may be exer-

and hi s

pow er s cised, appoint in writing, a Receiver of the produce

and income of the mortgaged pro perty or any pa rt
thereof and such ^Receiver shall be entitled either to
take possession of the property or collect its produce
and income, as the case m ay be, to retain ou t of any
money realised by him, his expenses of management
including his rem uneration, if any, as fixed by the
Board, and to apply the balance in accordance with
the provisions of sub-section (8) of Section 69-A of Act
the Transfer of Property Act, 1882. 188

(2) A Receiver appointed under sub-section (1)

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
pro perty is already in the possession of a Receiver
appointed by a Civil Court.

18. Where any property is sold in the exercise or

not[C] to Ibe purp orted exercise of a power of sale under the pro-
questioned vision of this Act, the title of the purchaser shall not
on the questioned on the ground that—

ground of

**irregulari­**
**ty,** **etc.** (a) the circumstances required for authorising

the sale had arisen ; or

(&) due notice of the sale was 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.

Aopo'n t-
ment of 19. The Registrar shall appoint Sale Officers for

Sale the purpose of conducting sale under the provisions of
O fficers. this Act.

Right of

mu.. mnrfoqo'P 20. (1) Notwithstanding anything con tained in

B a n k e r of any law for the time being in force, it

the Central shall be 1 awful for a Mortgage Bank or the Central

Mortgage Mortgage Bank to purchase any mortgaged property

e*° s o ^ under this Act and the property so purchased

the mort- shall be disposed of by such Bank by sale within such

gaged pro- period as m ay be fixed by the Trustee.                                -

perty at

sale.


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(2) Nothing in the Assam Fixation of Ceiling o[n]

Land Holdings Act, 1956 fixing a maximum limit of
agricultural holding shall apply to the acquisition of 0 1 5

land by a Mortgage Bank or the Central Mortgage
Bank under sub-sc cti on (1).

Mortgages 21. The mortgages executed in favour of, and all

executed in other assets transferred to a Mortgage Bank by the
favour of m e m b e r s thereof shall, with effect from the date of

Bank 8 to s u c ^ execution or transfer (including those mort aged

stand vested to a Mortgage Bank before commencement of this
in Central Act) be deemed to have been transferee! by such

Bank8386 Mortgage Banks to the Central Mortgage Bank ana

shall stand vested in the Trustee.

Mor^a°e[th e] 22- Where any property mortgaged to a Mortgage

Bank where hank is wholly or partially destroyed or the security
property is is rendered insufficient and the mortgagor, having
destroyed or been given a reasonable opportunity by the Committee
security be- Qf t jle Mortgage Bank, of providing further security
sufficient, enough to render the whole security sufficient or

repaying such portion of the loan as may be deter­
mined by the Committee, has failed to provide such
security or to repay such portion of the loa n, 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 under 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 property 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.

t’ower of 23. (1) The Board or the Trustee may direct the

trustee[3]* to Committee of a Mortgage Bank to take action against

distrain and a defaulter under 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 respect thereto as if all references
to the Mortgage Bank and to its Committee in the
said provisions were references to the Central Mort­
gage 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 al! references
to Mortgage Bank or to its Committee in the said
provisions were references to the Trustee,


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Mo rtgagors’ 24. (1) Notwithstanding anything contained in the Act IV

Pe[°„'^]r t0 Transfer of Property Act, 1882, or in any other law

for the time being in force, a mortgagor shall not
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.

Mortgage

not to be 25. Notwithstanding anything con tained in the

Act V

questioned Provincial Insolvency Act of 1920 and in any law 1920.
on insolven­ relating to insolvency, a mortgage executed in favour

gagor.cy of 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 th at it
was executed in order to give the Mortgage Bank a
preference over the other creditors of the mortgagor.

Power o [f ] 26. Notwithstanding that a mortgage executed in

Bank^to* re- f[a v o u r] °f [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 notwith­
standing
assignm ent (a) a ll moneys due under the mortgage may, in the

Deeds°totg the a ^ s e n c e a n Y specific direction to the contrary issued

Central by the Board or Trustee and communicated to the

Mortgage mortgagor, be paid to the Mortgage Bank and such

Bank. payment shall be valid as if the mortgage had not

been so transferred ; and

(A) the Mortgage Bank shall, in the absence of

any specific 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.

Priorit y of 27 . A mortgage executed in favour of a Mortgage

mortgage Bank and Central Mortgage Bank shall have prio- Act

claini»e rta in over any claim of the Government arisingfrom a 11

loan under the Land Improvement Leans Act, 1883, Act
or the Agriculturist’s Loans Act, 1884 granted after II

the execution of the mortgage.

Right of 28. Where a mortgage is executed in favour of

Mortgage a a [ Mortgage Bank fo, payment ] of prior debts of

prior 'debts [t] ^l e mortgagor, the Bank may, notwithstanding the

of mo rtgagor provisions of Sections 75 and 76 of the Transfer

of Property Act, 1882 by notice in writing, require Act 1
any person to whom any such debt is due, to

receive payment of such debt or pa rt thereof from

the Mortgage Bank at its registered office within

such period as may be specified in the notice.


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(2) Where any such person fails to receive such

notice or such payment, such debt or pa rt thereof
as the case may be, shall cease to carry interest

from the expiration of the period specified in the

notice:

Provided that where there is a dispute as regards

the amount of any such debt the person to whom
such debt is due shall be bound to receive pay­
ment of the amount offered by the Mortgage Bank
towards the debt, but such receipt shall not

prejudice the right, if any, of such person, to recover
the balance claimed by him

29. (11 Notwithstanding anything contained in the

SfdocX°nntsI n d i a i? Registration Act 1908 it shall not be neces- [A ct]1[^] 1 o f

executed on [s a r] V for any officer of a Mortgage Bank or of the

behalf of a Central Mortgage Bank to appear in person or by
Mortgage agent at any registration office in any p-oceedings

the" Central [c o n] nected with the registration of any instrument
Mortgage executed by him in his official capacity or to sign

Bank. as provided in Section 58 of that Act.

(2) Where any instrument is so executed, the

registering officer to whom such istrument is presented
for registration, may, if he thinks fit, refer to such
officer as stated in su'o-iection (1) for inform ation
respecting the same, and on being satisfied of the
execution thereof, shall register the instrument.

Proof of do- 30. Any Mortgage Bank or the Cmtral Mortgage

cumentj or Bank may grant copies of any docum ent obtained

entries in an cj ke pt j n (.fjg c o u r s e o f it s business or of any

entnes in such document ; and any copy so granted
shall, where certified in such manner as m ay be pres­
cribed, be admissible in evidence for any purpose
in the same m anner 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 Act the loans advanced by Mortgage Banks from funds
shall apply which have not been borrowed from the Central

Mortg ag e
Ranks from
funds not

borro w ed
from the

C entr al

Mortg a g e
Bank.


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Service of 32. Whenever under the provisions of this Act

lotice. notice is required to be given to any person in writing,
it shall be sufficient to send such notice by :—

_(i) Registered post with acknowledgement due,_

or (ii) personal service through official
messenger or («») 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 refuses
to accept the notice and sign the acknow­
ledgement or he cannot be found.

Sections 102, 33. The provisions of Sections 102 and 103 of the

103 and i04’Transfer of Property Act, 1882, and of any rules made j [C]g2 [1 ] of

of the Trans-by the High Court under Section 104 of that Act for
fe r

e r t [° Act' ] [c a r l] [’ying out the purposes of the said Sections, shall]

1832, to [a] PPty , [s o] fa r as m a y , in respect of all notices to be

apply to served under this Act.

such notices

under this

Act.

34. At any sale of movable or immovable property

Officer °f held under the provisions of this Act in order to

Bank and recover any money due to a Mortgage Bank, no

the Central Director, Secretary or other Officer of such Bank or
Mortg a g e of the Central M ortgage Bank (except on behalf of
Bank the Bank of which he is a Director or Secretary or an

no? to [IC]bid Officer) and no sale officer or other persons having

at sale. 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.

Delegation ^5. The Board may, if it thinks fit, delegate all or

of certain any of its powers under Sections 11, 17 and 23 to an

powers by Executive Committee constituted by it and consisting

Board. o [f ]t w o [ or more of its members.]

Powers of 36, (1) The State Government may, by notifica-

the State tion in the official Gazette, make rules for carrying

Government Out the purposes of the Act.
Rules ™a k e (2) In particular, and without prejudice to the

generality of the foregoing power, such rules may pro­
vide for all or any of the following matters, namely—

(a) the manner of effecting distraint ;
_(b) the custody, preservation and sale of dis­_

trained pro perty ;

(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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15

(rf) (he immediate sale of perishable articles ;

(«) the due proclamation and conduct of the sale ,

( / ) the recovery of the expenses of proclamation

and sale ;

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

(A) the re-sale of the property, if the purchase

money is not deposited ; and

(t) 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 scon 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

make Regu- the provisions of this Act and the rules made there­

under for enabling it to discharge its functions under
this Act.

(2) In particular, and without prejudice to the

generality of the foregoing power, such regulations

may provide for all or any of the following matters,
namely :—

_(a) fixing the period of debentures and the rate_

of interest payable thereon ;

(Z>) calling in debentures after giving notice to

debenture holders ;

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

tures damaged or destroyed ;

(«f) 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 ;

( / ) 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 transferred to the Central Mortgage Bank ;


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16

(A) specifying the form in which applications

to Mortgage Banks for loans should be made and for
the valuation of the properties offered as security for
such lo an s;

_(i) the investment of moneys realised from_ mort­

gagor ; and

_(j)_ generally for any other matter in respect of

which the Board considers 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**

TH E GA UH ATI UN IVER SITY (AM ENDMENT) AC T, 1960

(As passed by the Assembly)

**Receive d the as sent of the Governor on the 6th Ja nu ar y 1961**

[Published in the Assam Gazette, Extraordinary , dated the 10th

January, 1961]

An

_Act_

_further to amend the Gauhati University Act, 194,7_

Preamble. Whereas it is expedient further to amend the Assam Act

Gauhati University Act, 1947, hereinafter called the XVI ol

Principal Act, in the manner hereinafter appearing ; 4 •

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

Short title, j (i) This Act may be called the Gauhati

menceme°!H? University (Amendment) Act, 1960.

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

Amendment
2 [. In Section 2 of the Principal Act,—]
of Section 2
of Assam Act
**X V I** of 1947.

### (1) the following shall be instead as clause (a)
 and the existing clause (a) shall be renumbered as clause (aa), namely :—
 (a) 'Board of Secondary Education’ means


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