LexThe Himachal Pradesh Agricultural Credit Operations and Miscellaneous Provisions (Banks) Act, 1972.
Himachal Pradesh · state statute
Open in Lexace · Ask the AI about this actTHE HIMACHAL PRADESH AGRICULTURAL CREDIT
OPERATIONS AND MISCELLANEOUS PROVISIONS (BANKS)
ACT, 1972
ARRANGEMENT OF SECTIONS
Sections:
CHAPTER I
PRELIMINARY
1. Short title, extent and commencement.
2. Definitions.
CHAPTER II
RIGHT OF AGRICULTURISTS TO ALIENATE LAND/INTERESTS
IN LAND IN FAVOUR OF BANKS
3. Removal of restrictions on alienation.
4. State Government may by notification vest agric ulturists not
having alienable right with such rights.
5. Charge on crop and other movable property in fa vour of a bank.
6. Creation of charge on land in favour of a bank by declaration.
CHAPTER III
CHARGES AND MORTGAGES IN FAVOUR OF BANKS AND
THEIR PRIORITIES
7. Removal of disability in creation of charges an d mortgages.
8. Priority of charges and mortgage in favour of t he Government, a
bank and a co-operative society.
9. Registration of charge and mortgage in favour of banks.
10. Noting of charge or mortgage created in favour of a bank, in the
record-of-rights.
11. Restrictions on creation of tenancy by an agri culturist borrower.
CHAPTER IV
ARRANGEMENTS FOR RECOVERY OF DUES BY BANKS
12. Removal of bar to attachment and sale by proce ss of court.
13. Recovery of dues of a bank through a prescribe d authority.
14. Right of a bank to acquire and dispose of immo vable property.
15. Exemption to banks from restrictions on acquis ition of land in
excess of ceiling.
H.P. AGRICULTURAL CREDIT OPERATIONS AND MISCELLANEOUS
PROVISIONS (BANKS) ACT, 1972
2
CHAPTER V
FINANCING OF CO-OPERATIVE SOCIETIES BY BANKS
16. Bank eligible to become member of a co-operati ve society.
17. Power of co-operative societies to borrow from banks.
18 Inspection of books of a co-operative society b y a bank.
19. Disputes between a bank and a co-operative soc iety.
20. Settlement of disputes.
21. Procedure for hearing of disputes.
22. Decision of Registrar or his nominee or board of nominees.
23. Recovery of money awarded.
24. Powers of a bank to proceed against defaulting members of a
co-operative society.
25. Audit, inspection and inquiry reports of socie ties to be available
to banks.
CHAPTER VI
MISCELLANEOUS
26. Exemption from Legislations relating to money l ending and
agriculturists’ debt relief.
27. Mortgages executed by managers of joint Hindu families.
28. Modified application of section 8 of Act No. X XXII of 1956.
29. Power of State Government to make rules.
SCHEDULE
THE HIMACHAL PRADESH AGRICULTURAL CREDIT
OPERATIONS AND MISCELLANEOUS PROVISIONS (BANKS)
ACT, 1972
(ACT NO. 7 OF 1973)
1
(Received the assent of the Governor on the 24 th March, 1973 and
was published in R.H.P. Extra., dated the 18 th April, 1973 at page 571-582)
An Act to make provisions to facilitate adequate fl ow of credit for
agricultural production and development through ban ks and
other institutional credit agencies and for matters connected
therewith and/or incidental thereto.
1. For Statement of objects and Reasons, see R.H.P. Extra, dated the 10th June,
1972. p. 525 and for Authoritative Hindi Text See R .H.P. Extra., dated 3-1-1987,
P. 45.
H.P. AGRICULTURAL CREDIT OPERATIONS AND MISCELLANEOUS 3
PROVISIONS (BANKS) ACT, 1972
BE it enacted by the Legislative Assembly of Himachal Pradesh in the
Twenty-third Year of Republic of India as follows:-
CHAPTER I
PRELIMINARY
1. Short title, extent and commencement .- (i) This Act may be
called the Himachal Pradesh Agricultural Credit Ope rations and
Miscellaneous Provisions (Banks) Act, 1972.
(ii) It shall extend to the whole of the State of Himachal Pradesh.
(iii) It shall come into force from such date 1 as the State Government
may, by notification in the Official Gazette, appoi nt in this behalf and
different dates may be appointed for different prov isions of the Act and for
different areas of the State.
2. Definitions. -In this Act, unless the context otherwise requires,-
(a) "agriculture" and "agriculture purpose" shall i nclude making
land fit for cultivation, cultivation of land, impr ovement of land
including development of sources of irrigation, rai sing and
harvesting of crops, horticulture, forestry, planti ng and farming
and cattle breeding, animal husbandry, dairy farmin g, seed
farming, pisciculture, apiculture, sericulture, pig gery, poultry
farming and such other activities as are generally carried on by
agriculturists, dairy farmer, cattle breeders, poul try farmers and
other categories of persons engaged in similar acti vities
including marketing of agricultural products, their storage and
transport and the acquisition of implements and mac hinery in
connection with any such activity;
(b) "agriculturist" means a person who is engaged i n agriculture;
(c) "Agro-Industries Corporation" means a company o r other body
corporate, one of the principal objectives of which is to
undertake activities connected with or intended for the
development of agriculture and not less than fifty-one per cent of
the paid-up share capital of which is held by the C entral
Government or by any State Government or Government s or
partly by the Central Government and partly by one or more
State Governments;
(d) "bank" means,-
(i) a banking company as defined in the Banking Reg ulation
Act, 1949 (10 of 1949);
1. The Act enforced in the whole of Himachal Prades h w.e.f. the 15 th September,
1973, vide Not. No. 8-29/71-Fin, (W & M), dated the 31 st August, 1973,
published in R.H.P., dated 8-9-1973, P. 1338.
H.P. AGRICULTURAL CREDIT OPERATIONS AND MISCELLANEOUS
PROVISIONS (BANKS) ACT, 1972
4
(ii) the State Bank of India constituted under the State Bank
of India Act, 1955 (23 of 1955);
(iii) a subsidiary bank as defined in the State B ank of India
(Subsidiary Banks), Act 1959 (38 of 1959);
(iv) a corresponding new bank constituted under the Banking
Companies (Acquisition and Transfer of Undertakings )
Act, 1970 (5 of 1970);
(v) any banking institution notified by the Centra l
Government under section 51 of the Banking Regulati on
Act, 1949 (10 of 1949);
(vi) the Agricultural Refinance Corporation cons tituted under
the Agricultural Refinance Corporation Act, 1963 (1 0 of
1963);
(vii) the Agro-Industries Corporation as defined in sub-section
(c);
(viii) the Agricultural Finance Corporation Limi ted, a company
incorporated under the Companies Act, 1956 (1 of 1956);
(ix) any other financial institution 1 notified by the State
Government in the Official Gazette as a bank for th e
purpose of this Act;
(e) "co-operative society" means a co-operative so ciety registered or
deemed to be registered under the Himachal Pradesh
Co-operative Societies Act, 1968 (3 of 1969) the object of which
is to provide financial assistance as defined in cl ause (f) of this
section to its members and includes a co-operative land
mortgage/development bank; and
(f) "financial assistance" for the purpose of this Act means
assistance granted by way of loans, advances, guara ntee or
otherwise for agricultural purpose.
CHAPTER II
RIGHT OF AGRICULTURISTS TO ALIENATE LAND/INTERESTS
IN LAND IN FAVOUR OF BANKS
3. Removal of restrictions on alienation .-Notwithstanding anything
contained in any law for the time being in force or any custom or tradition, it
shall be lawful for an agriculturist, whose rights of alienation of land or of any
interest therein are restricted, to alienate the la nd or his interest therein,
including by creation of a charge or mortgage on su ch land or interest in
1. For such institutions see Not. No. 9-29/71-Fin. (W & M), dated the 15 th Jan.
1975, 8-2/71-Fin. (W&M) dated 24 th July, 1976 and 8-29-71 Fin. (W&M) dated
29 th January, 1979.
H.P. AGRICULTURAL CREDIT OPERATIONS AND MISCELLANEOUS 5
PROVISIONS (BANKS) ACT, 1972
favour of a bank for the purpose of obtaining finan cial assistance from that
bank.
4. State Government may by notification vest agricu lturists not
having alienable rights with such rights .-Notwithstanding anything
contained in any law for the time being in force, t he State Government may,
by notification 1 in the Official Gazette, vest any class or classes of
agriculturists not having rights of alienation in l and or any interest therein
including,-
(i) persons belonging to Scheduled Tribes covered by the Himachal
Pradesh Transfer of Land (Regulation) Act, 1969 (15 of 1969),
(ii) tenants other than occupancy tenants,
(iii) occupancy tenants of the areas falling withi n Himachal Pradesh
prior to 1st November, 1966,
(iv) lessees of the State Government who are agric ulturists, with
rights of alienation including the right to create a charge or
mortgage on such land or interest in favour of a ba nk for the
purpose of obtaining financial assistance from that bank without
any restrictions, or subject to such restrictions a s may be
specified in the notification.
5. Charge on crop and other movable property in favour of bank .-
(1) It shall be lawful for an agriculturist to crea te a charge on the movable
property owned by him or on the crops raised by him , standing or otherwise,
or other produce from land cultivated by him, to th e extent of his interest
therein, in favour of a bank, to secure financial a ssistance from that bank
notwithstanding that he may not be owner of the lan d on and from which the
crop is raised.
(2) Notwithstanding anything to the contrary in the Himachal Pradesh
Co-operative Societies Act, 1968 (3 of 1969) or any other law for the time
being in force, no charge in respect of financial a ssistance extended by a
co-operative society to an agriculturist shall have priority over a charge on the
crops raised by him, standing or otherwise, or any other movable property in
respect of any financial assistance given to him by a bank provided the
financial assistance made by the bank is prior in p oint of time to that of the
financial assistance extended by the co-operative society.
(3) A bank may, distrain and sell through an offici al of the State
Government, designated in this behalf by the State Government, the crop or
other produce or other movable charged to that bank to the extent of the
agriculturist's interest therein and appropriate th e proceeds of such sale
towards all moneys due to the bank from that agriculturists.
1. See Not. No. 8-29/71 Fin. (W & M), dated the 5 th June, 1973.
H.P. AGRICULTURAL CREDIT OPERATIONS AND MISCELLANEOUS
PROVISIONS (BANKS) ACT, 1972
6
6. Creation of charge on land in favour of a bank b y
declaration .-(1) Where an agriculturist creates a charge on la nd, or any other
immovable property which he owns or in which he has an interest in respect
of any financial assistance given to him by a bank, he may make a declaration
on the lines of the form set out in the schedule he reto or as near thereto as
circumstances permit, declaring that thereby he creates, in favour of the bank,
a charge on such land or his interest therein or ot her immovable property, as
the case may be, to secure the financial assistance given to him by the bank.
(2) A declaration made under sub-section (1) may be varied from time
to time by the agriculturist with the consent of th e bank in whose favour the
declaration has been made. Such variation shall tak e effect from such date on
which the variation, if it had been original declar ation, would have effect
under section 9.
CHAPTER III
CHARGES AND MORTGAGES IN FAVOUR OF BANKS AND THEIR
PRIORITIES
7. Removal of disability in creation of charges and mortgages .-
Notwithstanding anything to the contrary contained in the Himachal Pradesh
Co-operative Societies Act, 1968 (3 of 1969) or any other law for the time
being in force and notwithstanding that any land or interest therein stands
already charged or mortgaged to a co-operative soci ety, it shall be lawful for
an agriculturist to create a charge or mortgage on such land or interest therein
in favour of a bank as security for any financial a ssistance given to the
agriculturist by that bank.
8. Priority of charges and mortgages in favour of t he
Government, a bank and a co-operative society .- (1) Notwithstanding
anything to the contrary in any law for the time be ing in force but subject to
any prior claim of the Government in respect of land revenue,-
(a) no charge or mortgage created on any land or in terest therein,
after the commencement of this Act, in favour of th e
Government or a co-operative society shall have pri ority over a
charge or mortgage on such land or interest created by an
agriculturist in favour of a bank as security for f inancial
assistance given to the agriculturist the bank afte r the
commencement of this Act and prior to the charge or mortgage
in favour of the Government or the co-operative society; and
(b) any charge or mortgage created on any land or i nterest therein in
favour of a bank in respect of financial assistance given to an
agriculturist by that bank shall have priority over any other
charge or mortgage that may have been created over such land or
interest in favour of any person other than the Gov ernment, a
co-operative society or any other bank, prior to the date on which
the charge or mortgage was created in favour of the bank.
H.P. AGRICULTURAL CREDIT OPERATIONS AND MISCELLANEOUS 7
PROVISIONS (BANKS) ACT, 1972
(2) Where different charges or mortgages over the s ame land or
interest therein have been created by an agricultur ist in favour of the
Government, a co-operative society or a bank or mor e than one bank, any
such charge or mortgage created as security for fin ancial assistance given by
the Government, co-operative society or the bank or banks by way of term
loan for development purposes shall have priority o ver the other charges or
mortgages created in favour of the Government, co-operative society or any of
the banks, provided prior notice of any such financ ial assistance by way of
term loan for development purpose had been given to such Government,
co-operative society or bank and such Government, c o-operative society or
bank has concurred in such financial assistance and where more than one such
charge or mortgage is as security for financial assistance given by way of term
loan, the charges or mortgages by way of security f or term loan for
development purposes will rank for priority in acco rdance with the dates of
their creation.
Explanation .-For the purposes of this section "term loan for
development purposes" shall mean financial assistance which would generally
lead to improvement of agriculture and/or building up of assets in agriculture
but shall not include financial assistance for meet ing working capital,
expenses seasonal agricultural operations and marketing of crops.
(3) Nothing in this section shall apply to barrowings only from one or
more co-operative societies including land mortgage banks.
9. Registration of charge and mortgage in favour of banks .- (1)
Notwithstanding anything contained in the Indian Re gistration Act, 1908 (16
of 1908), a charge in respect of which a declaration has been made under sub-
section (1) of section 6 or in respect of which a variation has been made under
sub-section (2) of that section or a mortgage execu ted by an agriculturist in
favour of a bank in respect of financial assistance given by that bank, shall be
deemed to have been duly registered in accordance with the provisions of that
Act with effect from the date of such charge, varia tion or mortgage, as the
case may be, provided that the bank sends to the Su b-Registrar within the
local limits of whose jurisdiction the whole or any part of the property
charged or mortgaged is situate, within the time st ipulated by the State
Government for this purpose, by a registered post a cknowledgement due, a
copy of the document creating such charge, variatio n or mortgage duly
certified to be a true copy by an employee of the bank authorised to sign on its
behalf.
(2) The Sub-Registrar receiving the declaration in respect of a charge
or variation or a mortgage referred to in sub-secti on (1) shall, as immediately
as practicable on receipt thereof, record in a regi ster to be maintained in this
behalf, the fact of the receipt of such declaration , variation or mortgage for
registration.
10. Noting of charge or mortgage created in favour of a bank, in
the record-of-rights .- Whenever a charge or a mortgage on land or inter est
H.P. AGRICULTURAL CREDIT OPERATIONS AND MISCELLANEOUS
PROVISIONS (BANKS) ACT, 1972
8
therein is created in favour of a bank by an agricu lturist, the bank may give
intimation to the Tehsildar or such other revenue official as may be designated
in this behalf by the State Government of the parti culars of the charge or
mortgage in its favour. The Tehsildar or the other revenue official shall make
a note of the particulars of charge or mortgage in the record-of-rights relating
to the land over which the charge or mortgage has been created.
11. Restrictions on creation of tenancy by an agric ulturist
borrower .- (1) Notwithstanding anything contained in any la w for the time
being in force, an agriculturist who has availed hi mself of financial assistance
from a bank by creating a charge or mortgage on land or interest therein, shall
not, so long as the financial assistance continues to be outstanding, lease or
create any tenancy rights on such land or interest therein without prior
permission in writing of the bank if he has not alr eady leased or created
tenancy right thereon at the time of availing of th e financial assistance from
the bank.
(2) Any lease granted or tenancy rights created in contravention of
this section shall be void.
CHAPTER-IV
ARRANGEMENTS FOR RECOVERY OF DUES BY BANKS
12. Removal of bar to attachment and sale by proces s of court .-
Nothing in any law shall prevent in any manner a ba nk from causing any land
or any interest therein charged or mortgaged to it by an agriculturist to secure
any financial assistance, to be attached and sold t hrough a civil court and
applying the proceeds of such sale towards all mone y due to it from that
agriculturist including the costs and expenses as may be awarded by the court.
13. Recovery of dues of a bank through a prescribed
authority .-(1) an official of the State Government notified by the State
Government as the prescribed authority 1 for the purpose of this section may
on the application of a bank, make an order on any agriculturist or his heir or
legal representative, directing the payment of any sum due to the bank on
account of financial assistance availed of by the a griculturist, by the sale of
any land or any interest therein upon which the pay ment of such money is
charged or mortgaged:
Provided that no order shall be made by the prescri bed authority
under this section for the sale of any land or any interest therein or any other
movable property upon which the payment of money is charged or mortgaged
unless the agriculturist or the heir or legal repre sentative of the agriculturist,
as the case may be, has been served with a notice b y the prescribed authority,
calling upon him to pay the amounts due.
1. See Not. Nos. 8-29/71-Fin (W&M) dated 31 st March, 1979 and Fin-I F (F)
1-26/83 dated 11 th April, 1985.
H.P. AGRICULTURAL CREDIT OPERATIONS AND MISCELLANEOUS 9
PROVISIONS (BANKS) ACT, 1972
(2) Every order passed by the prescribed authority in terms of sub-
section (1) shall be deemed to be a decree of a civ il court and shall be
executed in the same manner as a decree of such court.
(3) Nothing in this section shall debar a bank from seeking to enforce
its rights in any other manner open to it under any other law for the time being
in force.
14. Right of a bank to acquire and dispose of immov able
property .- (1) Notwithstanding anything contained in any la w for the time
being in force, a bank shall have power to itself a cquire agricultural land or
interest therein or any other immovable property wh ich has been charged or
mortgaged to it by an agriculturist in respect of a ny financial assistance
availed of by him, provided the said land or intere sts therein or any other
immovable property has been sought to be sold by pu blic auction and no
person has offered to purchase it for a price which is sufficient to pay to the
bank the moneys due to it.
(2) A bank which acquires land or interest therein or any other
immovable property in exercise of the power vested in it under sub-section (1)
shall dispose it of by sale, within a period to be specified by the State
Government in this behalf.
(3) If the bank has to lease out any land acquired by it under sub-
section (1), pending sale thereof as indicated in s ub-section (2), the period of
lease shall not exceed one year at a time and the l essee shall not acquire any
interest in that property notwithstanding any provi sions to the contrary
contained in any other law for the time being in force.
(4) A sale by a bank of land or interest therein in terms of this section
shall be subject to any provisions of any law in fo rce which may place
restrictions on purchase of land by non-agriculturists or ceiling for acquisition
of land or by a person not belonging to a particula r Tribe or Scheduled Caste
or fragmentation of land.
15. Exemption to banks from restrictions on acquisition of land in
excess of ceiling .-Nothing in any law for the time being in force pl acing a
ceiling or limit on the holding of land shall apply to a bank acquiring a land in
terms of section 14 and holding such land till such time the bank is in a
position to sell the land in the manner provided in section 14 or otherwise, at a
price which is adequate to cover its dues.
CHAPTER V
FINANCING OF CO-OPERATIVE SOCIETIES BY BANKS
16. Bank eligible to become member of a co-operati ve society .-
Notwithstanding anything contained in the Himachal Pradesh Co-operative
Societies Act, 1968 (3 of 1969), or any law for the time being in force, it shall
be lawful for a bank to become a member of a co-operative society.
H.P. AGRICULTURAL CREDIT OPERATIONS AND MISCELLANEOUS
PROVISIONS (BANKS) ACT, 1972
10
17. Power of co-operative societies to borrow from banks .-
Notwithstanding anything contained in the Himachal Pradesh Co-operative
Societies Act, 1968 (3 of 1969), it shall be lawful for any co-operative society
to borrow from a bank.
18. Inspection of books of a co-operative society b y a bank .-(1) A
bank shall have the right to inspect the books of a ny co-operative society
which has either applied to the bank for financial assistance or is indebted to
the bank on account of financial assistance granted earlier.
(2) The inspection may be carried out by an officer or any other
member of the paid staff of the bank with the previ ous sanction in writing of
the Registrar of Co-operative Societies.
(3) The officer or any other member of the paid sta ff of the bank
undertaking such inspection, shall, at all reasonab le times, have access to the
books of accounts, documents, securities, cash and other properties belonging
to or in the custody of the co-operative society in spected by him, and shall
also be supplied by such society such information, statements and returns as
may be required by him to assess financial conditio n of the society and the
safety of financial assistance to be made to the society or already made to it.
19. Disputes between a bank and a co-operative soci ety .-(1)
Notwithstanding anything contained in any other law for the time being in
force, any dispute touching the constitution, manag ement or the business of a
co-operative society, between a bank financing a co operative society and the
co-operative society so financed other than disputes regarding the disciplinary
action taken by the society or its committee agains t a paid employee of the
society, shall be referred by either of the parties to the dispute to the Registrar
of Co-operative Societies for decision.
(2) Where any question arises whether, for purposes of the foregoing
sub-section, a matter referred to for decision is a dispute or not, the question
shall be decided by the Registrar of Co-operative S ocieties whose decision
shall be final.
20. Settlement of disputes .-(1) If the Registrar is satisfied that any
matter referred to him or brought to his notice is a dispute within the meaning
of section 19, the Registrar shall decide the dispu te himself or refer it for
disposal to a nominee or a board of nominees appointed by him.
(2) Where any dispute is referred under the foregoi ng sub-section for
decision to the Registrar's nominee or board of nominees, the Registrar may at
any time, for reasons to be recorded in writing, wi thdraw such dispute from
his nominee or board of nominees and may decide the dispute himself or refer
it again for decision to any other nominee or board of nominees appointed by
him.
(3) Notwithstanding anything contained in section 1 9, the Registrar
may, if he thinks fit, suspend proceedings in regar d to any dispute if the
question at issue between a co-operative society an d a bank is one involving
H.P. AGRICULTURAL CREDIT OPERATIONS AND MISCELLANEOUS 11
PROVISIONS (BANKS) ACT, 1972
complicated questions of law and fact, until the qu estion has been tried by a
regular suit instituted by one of the parties to th e dispute. If any such suit is
not instituted within two months from the Registrar 's order suspending
proceedings, the Registrar shall take action as is provided in sub- section (1).
21. Procedure for hearing of disputes .-The Registrar or his nominee
or board of nominee's hearing a dispute under the l ast preceding, section shall
hear the dispute in the manner that may be prescrib ed by the Registrar in this
behalf.
22. Decision of Registrar or his nominee or board o f
nominee .-When the dispute is referred for decision, the Re gistrar or his
nominee or the board of nominees may, after giving a reasonable opportunity
to the parties to the dispute to be heard, make an award on the dispute, on the
expenses incurred by the parties to the dispute in connection with the
proceedings and fees, expenses payable to the Regis trar or his nominee or, as
the case may be, to the board of nominees. Such an award shall not be invalid
merely on the ground that it was made after the exp iry of the period fixed for
deciding the dispute by the Registrar and shall, su bject to appeal or review or
revision by the co-operative tribunal of the State, be binding on the parties to
the dispute.
23. Recovery of money awarded .-Every award given by the
Registrar or the Registrar's nominee or the board o f nominees under section
22, shall, if not carried out, on a certificate signed by the Registrar, be deemed
to be a decree of a civil court and shall be execut ed in the same manner as a
decree of such court.
24. Powers of a bank to proceed against defaulting members of a
co-operative society .- (1) If a co-operative society is unable to pay i ts debts
to a bank from which it has borrowed, by reason of its members defaulting in
the payment of the moneys due by them, the bank may direct the committee of
such society to proceed against such members by tak ing action under the
Himachal Pradesh Co-operative Societies Act, 1968 (3 of 1969).
(2) If the committee of the co-operative society fa ils to proceed
against its defaulting members within a period of ninety days from the date of
receipt of such direction from the bank, the bank i tself may proceed against
such defaulting members in which event, the provisi ons of the Himachal
Pradesh Co-operative Societies Act 1968 (3 of 1969) , the rules and the bye-
laws made thereunder shall apply as if all referenc es to the society or its
committee in the said provisions, rules and bye-law s were references to the
bank.
(3) Where a bank has obtained a decree or award aga inst a co-
operative society indebted to it, the bank may proc eed to recover such money
firstly from the assets of the co-operative society and secondly from the
members of the co-operative society to the extent o f their debts due to the
society.
H.P. AGRICULTURAL CREDIT OPERATIONS AND MISCELLANEOUS
PROVISIONS (BANKS) ACT, 1972
12
25. Audit, inspection and inquiry reports of societ ies to be
available to banks .-The Registrar of Co-operative Societies shall dra w the
attention of the bank financing a co-operative society to the defects noticed in
every audit, inquiry or inspection of such society conducted as per provisions
of the Himachal Pradesh Co-operative Societies Act, 1968 (3 of 1969), and
shall also supply a copy each of such audit, inquir y or inspection report if
demanded, in writing by the bank.
CHAPTER VI
MISCELLANEOUS
26. Exemption from legislations relating to money l ending and
agriculturists' debt relief .-Nothing in any law for the time being in force
dealing with money lending or agriculturists' debt relief shall apply to
financial assistance availed of by an agriculturist from a bank.
27. Mortgages executed by managers of joint Hindu f amilies .-(1)
Notwithstanding anything contained in any law for t he time being in force,
mortgages executed after the commencement of this A ct by the manager of a
joint Hindu family in favour of a bank for securing financial assistance for an
agricultural purpose shall be binding on every memb er of such joint Hindu
family.
(2) Where a mortgage executed in favour of a bank i s called in
question on the ground that it was executed by the manager of a joint Hindu
family for a purpose not binding on the members (wh ether such members
have attained majority or not) thereof, the burden of proving the same shall lie
on the party alleging it.
28. Modified application of section 8 of Act No. XX XII of 1956 .-
Section 8 of the Hindu Minority and Guardianship Ac t 1956 (32 of 1956),
shall apply to mortgages in favour of a bank subjec t to the modification that
reference to the court therein shall be construed a s reference to the Collector
or his nominee and the appeal against the order of the Collector or his
nominee shall lie to the Commissioner.
29. Power of State Government to make rules .-(1) The State
Government may make rules 1 to provide for all matters for which provision is
necessary or expedient for the purpose of giving ef fect to the provisions of
this Act and all such rules shall be published in the Official Gazette.
(2) The rules framed under sub-section (1) shall be subject to previous
publication.
(3) Every rule made under this section shall be laid, as soon as may be
after it is made, before the Himachal Pradesh Legislative Assembly while it is
in session and if, before the expiry of the session in which it is so laid or the
1. Rules made vide Not. 8-29/71-Fin (W&M) dated the 31 st July, 1975, published in
R.H.P.dated 9.8.1975, p.924-927.
H.P. AGRICULTURAL CREDIT OPERATIONS AND MISCELLANEOUS 13
PROVISIONS (BANKS) ACT, 1972
session immediately following, the House makes any modification in the rule
or decides that the rule should not be made, rule s hall thereafter have effect
only in such modified form or be of no effect, as t he case may be, so,
however, that any such modification or annulment sh all be without prejudice
to the validity of anything previously done under that rule.
SCHEDULE
Declaration under section 6(1)
I,.....................(aged...............years) residing at ......................... ..........
...............being desirous of availing myself of financial assistance from
the....................... ......................ba nk make this declaration as required by
section 6(1) of the Himachal Pradesh Agricultural C redit Operations and
Miscellaneous Provisions (Banks) Act, 1972, that I...........................own/ have
interest as tenant in the land specified below, and I hereby create a charge on
the said land/interest in land in favour of the ban k for securing the financial
assistance, which the bank may make and for all fut ure assistance, if any,
which the bank may make to me together with interes t, costs and expenses
thereon.
______________________________________________________________
Name of Revenue Name of Name of Khasra Boundarie s Area in
Estate Tehsil District number South, North, acres
East, West
1 2 3 4 5 6
Assessment Encumbrances, if any Remarks, if any
--------------- Approximate --------------- ----------------
Rupees Paise value Nature Amount
7 8 9 10 11
H.P. AGRICULTURAL CREDIT OPERATIONS AND MISCELLANEOUS
PROVISIONS (BANKS) ACT, 1972
14
In witness whereof, I, Shri.......................H ereunder set my hand
this........................day of.....................in the year one thousand nine hundred
and.........................................................
Witnesses.
Signed and delivered by the above named in the pr esence of:-
(1)
(2)
Signature of declarant.
ATTESTED BY
Forwarded with compliments to the Tehsildar with a request to
include the particulars of the charge.............. .........created under the
declaration in the record-of-rights and to return to the bank for its record
Manager/Agent.
Bank.
.....Place.
Returned with compliments to the Manager/Agent... ................Bank.
The charge created under the declaration is duly in cluded in the record-of-
rights on the .....................day of.......................19
Tehsildar.
Forwarded with compliments to the Sub-Registrar w ith a request to
record the particulars of the charge............... ..created under the declaration in
his office.
Manager/Agent.
....................Bank.
....................Place.
Returned with compliments to the Manager/Agent..... ..............Bank.
The charge created under the declaration is duly recorded.
Sub-Registrar.
--------------