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

<f—bs Registered No. A—12
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THE ASSAM GAZETTE
e j s f R i m
EXTRAORD INARY
79S " W  OTP>W
PUBL7;3H3D BY  AUTHORITY
M  75 ft ’ * ’ , iS ttm , 12  IS , 1990, 22 191 2 ("(»)
No. 75 Oitpnr, Sat urday, 12t h May, 1990, 22nd Valsakha^
1912 (S. E.)
G O V E R N M E N T  O F  A S S A M
O R D E R S  B Y  T H E  G O V E R N O R
LEG ISLATIVE DEPART MEN T :  LEGISLATIVE BRA NCH -
NO TIFICA TION  
The 11th May 1990.
N o . L G L . 155/88 /22.—The  follo wing  A ct  of  the As sa m  
Le gis lat ive  As se mbl y which  received the assent  o f the  
Go ve rnor is her eby  pub lish ed for gene ral in for ma tio n.

«94  T H E  ASSAM GAZETTE, EXTRAO RDINARY, M A Y 1M M0
A S S A M  A C T  N O . V I I I  O F  199 0
(R ec eiv ed  the assent o f the Go ve rn or  o n  8th  M a y , 1990)
THE ASSAM COOPERATIV E LAND 
MORTGAGE BANK (AMENDMENT)
ACT, 1990
An
A ct
fu rth er  to amen d the  Assam Co­
ope rativ e Lan d Mortg age Bank  Act, 1960.
P r e a m b le . Wher eas it is exp edi ent fu rth er  to 
amen d the Assam Coop erativ e Land  
Mortg age Ban k Act, 1960, he rei na fte r A c t 
ref err ed  to as the  prin cip al Act, in the  1 o fl 9 6 1) 
ma nne r he rei naf ter  ap pe ar in g;
It is her eby  ena cted  In the For ty- 
firs t Year of the  Repu blic of Indi a as 
follows : —
sh o rt  ti tl e . 1-  This Act may  be called the  Assam 
Co-o perative Lan d Mort gage Ban k 
(Am endm ent)  Act, 199 Q.
2. In the prin cip al Act, In the  long° ti tl e  o f8 title , for the  words,  "Coo perative Land  
lo t 1 9 6 1 ° *  Mortgage Ban ks”, t he  words. "Cooperative
Ag riculture  and Ru ral  Deve lopme nt 
Ban ks” shal l be sub stituted .
i
S u b s ti tu ti o n  3. In the  pri nci pal  Act, for the  exis*ofPAM^, etin g prea mbl e, the  follow ing shall  be
Act i o f sub stitute d, na m el y:—1961. J
"Whe reas it is exp edi ent to faci­
lita te the  work ing of Coop erative Agr i­
cul tur e and Ru ral Developm ent Bank s in 
the  Sta te of Assam wi th a view  to 
prov iding  for gra nt of lon g-t erm  and
 
tt if e  AS SA M GAZETTE. EXT RAORDIN ARY, MAY 12, 1990 495
short-term. loans for the purposes of agri*  
cultura l development and activities 
incidental thereto, to finan ce construc­
tion , p f houses in rura l areas, to promote 
rur ^l industria lisation bv providing loans 
to artisans, craftsmen and small -entr e­
preneu rs and to advance loans to instit u­
tions .and corporate bodie s engaged in 
activities which directly or indirectly 
help t he farmers and the rura l peopl e, in 
the manner hereinaft er appearing;”
4. In the principal Act,  in section IAmendment
and sub-section (1), for the words, ''The 
A« « i o f 1 9 6 1  Assam  Cooperative Land Mortgag e Bank” 
the words, "Assam  Cooperativ e Agricul- 
tur e and Rural Development Bank”, shall 
be substituted.
Am endm ent 4. In the p rincipal Act, in section  2,— -of section 2
of Assam
A c t  in elapse (b), for the words, "The
Assam Cooperative Central Land Mort- 
gage .B ank L td.”, the words, "The Coop e­
ra tiv e Agric ulture  and Rural Develop­
ment Bank Ltd.”, shall be substituted:
(ii) in clause (c), for the words, "Coopera­
tive Land  Mortgage Bank”,  the words, 
"Cooperative Agriculture and Rural De­
velopment Bank”, shall be substituted.
b tt e rt io B o f 6. In the principal Act , after section 
“TiaV  the followin g new section  shall be in-
£ < *  serted, namely :—I o f  lr f c l.  w
"11 A (1) Where advance is made 
against hypothecation of assets , the Mort­
gage Bank shall have power to put the 
assets on sale for default by the borrower 
of payment of instalment due.

*9 6 THE ASS AM  GAZE TTE.  EXT RAO RDI NAR Y MA Y 1 2 , 1 9 9 0
(2 ) No such power shall be exercised 
unless;—
(a ) notice in writing requiring pay­
ment of instalment due has been 
served upon the borrow er; and
(b ) default has been made in pay­
ment of such instalments due 
for three months after such 
service.”
Amendment  
ot section  12 7 . In the principal Act, in section 12,  
ifrfi96 iActfo r the existing provisions of sub-section 
° ' (2 ), the following shall be substituted,
nam ely:—
"(2 ) The sale shall be by public 
auction and shall be held in the village 
where the mortgaged property is situated 
or at the nearest place of public resort 
or in the offic e of the Sales Officer- 
whichever place, in the opinion of the 
Sales Officer, is likely to attract the maxi­
mum number of bidders and the property 
is likely to sell to better advantage 
there.” ' ■
R. LASRAR,
Secretary to the Gov t, of  Assam,  
Legislative Departm ent.
U Vr AH ATI —Hunted *nd published by tha Dy« D font tor (P) Directorate W Ptg. aed  
Sty Cuwnhflti— -2 1 fE» No« 149— 1« 11^ — 500—
 
 
 

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