The ASSAM CO-OPERATIVE LAND MORTGAGE BANK ACT, 1960

ASSAM ACT No,l OF 1961 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 State 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::posit 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 the 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. 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 Laud 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:.irge their debts ; to carry out agricultural improvements and to promote thrift and self-help among them, in the manner hereinafter appearino,- : 3 It is hereby .. nacted in the E'.leventh Year of the Republic 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 ~scrib~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. 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 functions. 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 Hank 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 b ss e u n e t u o r f e s d b e - / h e B oar d may, f ro~ tu . :ne to ti . m e, i . s sue. d e b 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 ch;irt,e on- Holders on certain pro ( a) all ;uch mortg"'!ges and as•cts as are referred perties. to in clause (a) of sub- ection 13) 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. 5 G~urantee 7. (I) The principal of and interest on, the Gbyo Jv ernSmteantet 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 consulting 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 uaran tee given by it or re5trict the i, m<1ximum amount thereof' or modify the conditions, subject to which it. is given with effect from a specified <ldte, 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. 6 (2) On receipt of ~uch application the Registrar or the per;on a~ the State Governm.:::it m 1y appoint Act IV of in tliis behalf m1y, ftotwithstanJi;1g anything con- 1802. t.1ined 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. tDo isbter aeifnfi thcto-w g · (l) Be,1.o re or at t h e ti· me w h en a d istra·m t is ed. e made und ·r Section 8, the distrainer shall s<.:rve or cause to be served upon the dl faulter a written dcmind 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·o r w.h 'i c h L h_ e d1' ~tramt was erure cted , 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 remainder, 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 delivered 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. 7 Power of sale 11 ( l) Notwithsta,1ding anythin"" contained in theAct IV of ~e h ~ ~i:~d b . eTran • s fer of Pr1perty Act, 188 !, w "' here a p_ower of 10" 82 sale without the intervention of the comt \s exµresfily confrrreu on the Mortga~e Bank by the mortga~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 ac1 horised the exercise of the power confeued by su1J 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 situated 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. 8 Applicati?n 13. (I) When a mortgag~d property has been to set aside sold under the provisions of this Act, the mortgagor sale and de- · · h · h · Ic J o OnSI · f t i rmat a io1 1n d o af r f e a c n te y d p b e y r so t n h e h s a a v 1 e i n m g a y a , r a 1g t a t ny o r ti . m m e, t e w re i . ; t t h i " n t t e I 1 r . 1 e r m t ' y of sale in days from the date of sale, apply to the Committ<'e defau~t . or1of the Mortg;;ige Bank conceined to hwe the sale on d1sm1ssal "d h. d · · h ffi f I of auch ap-set asi e on I~ eposltmg at t e o 1ce o sue 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(0ceed• 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 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 actual possession of the mortgagor or of some person p11rPhaser. 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 . • 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 cised, appoint in writing, a Receiver of the produce powers 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 remuneration, 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 i t r y r , e gu e l tc a . r i (a) the circumstances requir~d for authorising 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 the purpose of conducting sale under the provisions of Sale 0 tncers. thi8 Act. Rigrhtgt of 20. (l) Notwithstanding anything contained in B m a o n k alo!'rc of any l aw 1c: or t h e ti . me b e . m g I . n force, i . t 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. ( L. R's Library) ll (2) Nothing in the Assam Fixation of Ceiling on Land Holdings Act, 1956 fixing a maximum limit of A~safrn Act agn.c u1 r ura1 h o Idm' g sh a ll app 1y to t h e acq u1· s·m · on 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 c su o f m fi e c s i enti t n· enoug h to ren d er the who l e secun . t y suffic . i ent o I. 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. ~011i; 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. . 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.!. 1 e ase. r l Or t h e ti· me b e•m g ·m r i orce, a mortgagor sh a 11 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. ~nvth~ng nMoot rtgtoa ge be 25. Notw1• thstand.m g contained in the que~tioned Provincial Insolvency Act of 1920 and in any law i~solven· relating to insolvency, a mortgage executed in favour 0;r0g ~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· s3t}asnid\1inmge nt (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 ~pceific 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. Right of 28. Where a mortgage is executed in favour of : M i o : rtg age a a Mortgage Bank fo1 payment of prior debts of td b~~ the mortgagor, the Bank may, notwithstanding the 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. 13 (2) Where any such person fails to receive such of 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 the course of its busine3s or of any c•1men '· entri.e s r. n sue h d ocument ; an d any copy so grante d 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. 14 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 Property Act, 1882_, and of any rules made t3~2• IV of 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 Sections, 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 Mor 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 sa1 e o cers ffi I . not to bid 0 cer) and no sa e officer or other 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 ~hinks 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 prejudice 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 ; (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 4 Principal Act, in the manner hereinafter appearing ; • 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