Section 45 in The Assam State Co-operative Agriculture and Rural Development Bank Limited
45. Individual Member to Execute Agreement.
(a)The loan sanctioned to individual member will be issued only after execution of the agreement by the such individual member agreeing to assign as soon as practicable the mortgages in favour of the Bank.(b)Every loan to individual member shall be secured by a mortgage or mortgages with or without possession, of immovable property which shall have no prior encumbrances (other than prior encumbrances of the Bank), save the mortgage or mortgages to be redeemed with the loan given by the Bank.
