Section 18 in The Madhya Bharat Agricultural Debtor's Relief Act, 1956
18. Agreement of amicable settlement, its registration and effect.
(1)If the creditor or creditors come to amicable settlement with the debtor, such settlement shall forthwith be reduced to writing in the form of an agreement recording in a list of immovable properties of the debtor with particulars of any mortgage, lien or charge subsisting thereon, the amounts payable to such creditor or creditors and the manner in which and the times at which they are to be paid. Such agreement shall be read out and explained to the parties concerned, and shall be signed or otherwise authenticated by the Board and the Parties:Provided that, when a co-operative society is one of such creditors, no settlement, in so far as it affects the debts owing to such society, shall be valid without the previous approval in writing of the Registrar of Co-operative Societies.(2)An agreement thus made shall, after the date of its making, be registered, under the Registration Act, 1908 (XVI of 1908) by the Chairman of the Board in such manner as may be prescribed and it shall then take effect as if it were decree of a Civil Court.(3)For the purpose of the registration of an agreement under sub-section (2) the Chairman of the Board shall be deemed to be an officer of Government empowered to execute such agreement within the meaning of Section 88 of the Indian Registration Act, 1908.
