Section 21B in The U.P. Sahkari Gram Vikas Banks Act, 1964
21B. [ Creation of charge in favour of [Gram Vikas Bank] [Sections 21-B and 21-C, inserted by UP. Act No. 16 of 1989, vide Section 11.] or [Uttar Pradesh Sahkari Gram Vikas Bank] [Substituted by U.P. Act No. 19 of 1994.].
(1)A person desirous of securing financial assistance from a [Gram Vikas Bank] [Substituted by U.P. Act No. 19 of 1994.] or the [Uttar Pradesh Sahkari Gram Vikas Bank] [Substituted by U.P. Act No. 19 of 1994.] by hypothecation of movable property owned by him may make a declaration in writing on a duly stamped paper that he thereby hypothecates such property in favour of such Bank.(2)When a person desirous of securing financial assistance from a [Gram Vikas Bank] [Substituted by U.P. Act No. 19 of 1994.] or the [Sahkari Gram Vikas Bank] [Substituted by U.P. Act No. 19 of 1994.] does not possess property of sufficient value to secure the loan, financial assistance may be provided to him by such bank on furnishing sureties to the satisfaction of the Bank subject to such conditions, if any, as may be prescribed.
