Section 14A in Himachal Pradesh Co-operative Agriculture and Rural Development Banks Act, 1979
14A. [ Security for loans. [14-A, 14-B, 14-C added H.P. Act No. 16 of 1987 w.e.f. 16-11-87.]
(1)Subject to the provisions of this Act, the Agriculture and Rural Development Bank and the Primary Agriculture and Rural Development Bank may advance loans to individuals and institutions on the security of lands and other fixed assets or of assets acquired by the loans borrowed which have been hypothecated to the Agriculture and Rural Development Bank,'as or the Primary Agriculture Rural Development Bank as the case may be, on the basis of principles of valuation approved by the Registrar:Provided that the Agriculture and Rural Development Bank and the Primary Agriculture and Rural Development Bank may, for such purposes and for such,periods as may be specified by the Government by special or general order, advance loans without such security of land but on the specific guarantee of the Government for the repayment of the principal and payment of interest thereon:Provided further that the Agriculture and Rural Development Bank and the Primary Agriculture and Rural Development Bank may, with the previous approval of the Registrar and subject to such restrictions and limitations as may be prescribed, advance loans for such purposes and for such periods as may be determined by the Board.(2)Notwithstanding anything contained in any other law for the time being in force, the Agriculture and Rural Development Bank or a Primary Agriculture and Rural Development Bank may, under any land development scheme prepared and approved under the provisions of the Himachal Pradesh Land Development Act, 1973 (14 of 1973) or under this Act, grant or advance loans to any person or a group of persons with or without security of land for carrying out the work specified in the scheme, subject to such terms and conditions as are agreed upon between the Government and the Agriculture and Rural Development Bank or the Primary Agriculture and Rural Development Bank, as the case may be.(3)All loans and advances granted and all amounts payable to, or recoverable by, the Agriculture and Rural Development Bank or the Primary Agriculture and Rural Development Bank shall, in case of default of payment, in addition to other remedies available to the Banks, be recoverable in the same manner as if they are arrears of public revenue due on land.(4)All loans and advances granted by the Agriculture and Rural Development Bank under this section shall be granted inconformity with the directions or instructions as may be issued by the National Bank for Agriculture and Rural Development established under section 3 of the National Bank for Agriculture and Rural Development Act, 1981 (64 of 1981).
