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[Cites 0, Cited by 0] [Section 10] [Entire Act]

State of Odisha - Subsection

Section 10(2) in The Orissa Legislative Assembly Members' Jeep, Motor Cycle, Scooter or a Like Vehicle Advance Rules, 1986

(2)Notwithstanding such repeal claims in respect of advance granted prior to the commencement of these rules shall be disposed of under these rules.Form I[See Rule 8]Form of agreement to be executed before drawing an advance for the purchase of jeep, motor cycle, scooter or a like vehicleAn agreement made on................day of.............Two thousand and......... between Shri...................(hereinafter called the Borrower which expression shall include his heirs, administrators, executors and legal representative) of the one part and the Governor of Orissa (hereinafter called the Governor which expression shall include his successors and assignees) of the other part;Whereas the Borrower has under the provisions of the Orissa Legislative Assembly Members' Jeep, Motor Cycle, Scooter or a Like Vehicle Advance Rules, 1986 (hereinafter referred to as the said rules which expression shall include any amendment thereof for the time being in force) applied to the Governor for a loan of Rs for the purchase of jeep, motor cycle, scooter or a like vehicle;And whereas the Governor has agreed to lend the said amount to the Borrower on the terms and conditions hereinafter contained;Now it is hereby agreed between the parties hereto that in consideration of the sum of rupees.............to be paid by the Governor to the Borrower, the Borrower hereby agrees with the Governor-(1) to pay to the Governor the said amount with interest calculated according to the said rules by monthly deductions from his salary as provided for in the said rules and hereby authorise the Governor to make such deductions; and (2) within one month from the date of payment of the said sum to expend the full amount of the said loan in the purchase of a jeep, motor cycle, scooter or a like vehicle or if the actual price paid is less than the loan to repay the difference to the Governor forthwith; and (3) to execute a document hypothecating the said jeep, motor cycle, scooter or a like vehicle to the Governor as security for the amount to be lent to the Borrower as aforesaid and interest in the form provided by the said rules;And it is hereby lastly agreed and declared that if the jeep, motor cycle, scooter or a like vehicle has not been purchased and hypothecated as aforesaid within one month from the date of payment of the said sum or if the Borrower within that period becomes insolvent or ceases to hold the office or dies, the whole amount of the loan and interest accrued thereon shall immediately become due and payable and that in any case the advance including the interest due thereon under these presents shall be recoverable as a public demand.In witness whereof the Mortgagor/Borrower has hereunto set his hand and Shri...........Treasury Officer/Sub-Treasury Officer, Government of Orissa, for and on behalf of the Governor of Orissa has hereunto set his hand on the dates specified under their respective signatures.
    Signature and designation of the Borrower
In the presence of -    
Witnesses and address- 1.  
  2.  
    Signature and designation of the Officeractingin the Premises for and on behalfof the Governor
In the presence of-    
Witnesses and address- 1.  
  2.  
Form II[See Rule 8]Form of mortgage bond for jeep, motor cycle, scooter or a like vehicle advanceThis indenture made this.............. day of........... two thousand............ between Shri................ (hereinafter called 'the borrower') of the one part and the Governor of Orissa of the other part;Whereas the Borrower has applied for and has been granted an advance of rupees..........to purchase a jeep, motor cycle, scooter or a like vehicle on the terms of the Orissa Legislative Assembly Members' Jeep, Motor Cycle, Scooter or a Like Vehicle Advance Rules, 1986 (hereinafter referred to as "the said rules" which expression shall include any amendment thereof or addition thereto for the time being in force);And whereas one of the conditions upon which the said advance has been/was granted to the Borrower is/was that the Borrower will/ would hypothecate the said jeep, motor cycle, scooter or a like vehicle to the Governor of Orissa as security for the amount lent to the Borrower;And whereas the Borrower has purchased with or partly with the amount so advanced as aforesaid the jeep, motor cycle, scooter or a like vehicle particulars whereof are set out in the Schedule hereunder written;Now this Indenture witnesseth that in pursuance of the said agreement and for the consideration aforesaid the Borrower doth hereby covenant to pay to the Governor of Orissa the sum of Rs................... aforeasaid or the balance thereof remaining unpaid at the date of these presents by equal instalments of Rs............each on the first day of every month and will pay interest on the sum for the time being remaining due to and owing calculated according to the said rules and the Borrower doth agree that such payment may be recovered by monthly deductions from his salary in the manner provided by the said rules and in further pursuance of the said agreement the Borrower doth hereby assign and transfer on to the Governor of Orissa the jeep, motor cycle, scooter or a like vehicle the particulars whereof are set out in the Scheduled hereunto written by way of security for the said advance and the interest thereon as required by the said rules;And the Borrower doth hereby agree and declare that he has paid in full the purchase price of the said jeep, motor cycle, scooter or a like vehicle and that the same is his absolute property and that he has not pledged and so long as any money remain payable to the Governor of Orissa in respect of the said advance will not sell, pledge or part with the property in or possession of the said jeep, motor cycle, scooter or a like vehicle ;Provided always and it is hereby agreed and declared that if any of the said instalments of principal or interest shall not be paid or recovered in manner aforesaid within ten days after the same are due or if the Borrower shall die or at any time ceases to be in office of Member of Orissa Legislative Assembly or if the Borrower shall sell or pledge or part with the property in or possession of the said jeep, motor cycle, scooter or a like vehicle or become insolvent or make any composition or arrangement with his creditors or if any person shall take proceedings in execution of any decree or judgement against the Borrower the whole of the said principal sum which shall then be remaining due and unpaid together with interest thereon calculated as aforesaid shall forthwith become payable and it is hereby agreed and declared that the Governor of Orissa may on the happening of any of the events hereinbefore mentioned seize and take possession of the said jeep, motor cycle, scooter or a like vehicle and either remain in possession thereof without removing the same or else may remove and sell the said jeep, motor cycle, scooter or a like vehicle either by public auction or private contract and may out of the sale proceeds retain the balance of the said advance then remaining unpaid and any interest due thereon calculated aforesaid and all costs, charges, expenses and payment properly incurred or made in maintaining, defending or realising his rights hereunder and shall pay over the surplus, if, any, to the Borrower, his executors, administrators or personal representatives :Provided further that the aforesaid power of taking possession or selling of the said jeep/motor cycle/scooter or a like vehicle shall not prejudice the right of the Governor of Orissa to sue the Borrower or his personal representatives for the said balance remaining due and interest or in the case of the jeep/motor cycle/scooter or a like vehicle being sold the amount by which the net sale proceeds fall short of the amount owing; and the Borrower hereby further agrees that so long as any moneys are remaining due and owing to the Governor of Orissa he, the Borrower, will insure and keep insured the said jeep/motor cycle/scooter or a like vehicle against loss or damage by fire, theft or accident with an Insurance Company to be approved by the Accountant-General concerned and will produce evidence to the satisfaction of the Accountant-General that the Motor Insurance Company with whom the said jeep/motor cycle/scooter or a like vehicle is insured have received notice that the Governor of Orissa is interested in the policy;And the Borrower hereby further agrees that he will not permit or suffer the said jeep/motor cycle/scooter or a like vehicle to be destroyed or injured or to deteriorate in a greater degree than it would deteriorate by reasonable wear and tear thereof ;And further that in the event of any damage or accident happening to the said jeep/motor cycle/scooter or a like vehicle the Borrower will forthwith have the same repair and made good.In witness whereof the said (Borrower) hath hereunto set his hand the day and the year first above written.The ScheduleDescription of jeep, motor cycle, scooter or a like vehicle :Maker's name................Description............No. of Cylinders..............Engine number...............Chassis number................Cost price.............Registration No.............Name of the Insurance Company and Policy No......................In the presence of witnesses-