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[Cites 0, Cited by 0] [Section 11] [Entire Act]

State of Odisha - Subsection

Section 11(2) in The Orissa Legislative Assembly Deputy Speaker's Motor Car Advance Rules, 1968

(2)Notwithstanding such repeal claims in respect of advances granted prior to the commencement of these rules shall be disposed of under these rules.Form I[See Rule 9]Form of agreement to be executed before drawing an Advance for the purchase of a motor carAn 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 assigns of the other part;Whereas the Borrower has under the provisions of the Orissa Legislative Assembly Deputy Speaker's Motor Car Advance Rules (hereinafter referred to as the said rules which expression shall include any amendments thereof for the time being in force) applied to the Governor for a loan of Rs...... for the purchase of motor car;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 thereby 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 authorises 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 motor car 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 motor car 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 motor car has not been purchased and hypothecated as aforesaid within one month from the date of the 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.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 signature.(Signature and designation of the Borrower)
In the presence of-  
Witnesses and address (1)
  (2)
In the presence of-  
Witnesses and address (1)
  (2)
(Signature and designation of theOfficer acting in the Premises forand on behalf of the Governor)Form II[See Rule 9]Form of mortgage bond for motor car advanceThis indenture made this...............day of.............two thousand and................between Shri.......... (hereinafter called "the Borrower") the one part and the Governor of Orissa on the other part;Whereas the Borrower has applied/applied for and has been granted an advance of rupees ................to purchase a motor car on the terms of the Orissa Legislative Assembly Deputy Speaker's Motor Car Advance Rules, 1968 (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 motor car 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 motor car 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 both hereby covenant to pay to the Governor of Orissa the sum of Rs................... aforesaid 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 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 unto the Governor of Orissa the motor car the particulars whereof are set out in the Schedule 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 motor car and that the same in 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 motor car :Provided always and it is hereby agreed end declared that if any of the said instalments of principal or interest shall not be paid of 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 Deputy Speaker or if the Borrower shall sell or pledge or part with the property in or possession of the said motor car 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 motor car and either remain in possession thereof without removing the same or else may remove and sell the said motor car 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 as 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 of selling of the said motor car 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 motor car 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 motor car 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 motor car 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 motor car 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 motor car the Borrower will forthwith have the same repaired 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 motor car :Maker's name..............Description... .........No. of Cylinders...........Engine number..............Chasis number................Cost price.. .........In the presence of witnesses :