Section 142 in The Gujarat Co-Operative Societies Act, 1961
142. Agreements executed by members for loans advanced by [Land Development Banks] [Substituted for the words 'Land Mortgage Bank' by Gujarat 24 of 1964] to be conclusive evidence.
- Notwithstanding anything contained in this Chapter, where a loan is given by the [Land Development Bank] [Substituted for the words 'Land Mortgage Bank' by Gujarat 24 of 1964] to a Co-operative Society for undertaking any work or development of agriculture on condition that, the members of such society are jointly and severally liable to the Bank for the payment of the whole amount and an agreement to that effect is entered with and signed by each of such members in the presence of an officer authorised in that behalf by the Registrar that agreement shall be conclusive evidence of the portion of that amount which each of the members is bound to contribute and against which he had mortgaged his lands or a portion of the lands by executing a separate mortgage deed with the Bank.
