Section 12(1) in The Assam Debt Conciliation Act, 1936
(1)If the creditors to whom not less than forty per cent of the total amount of the debtor's subsisting debts are owing, come to an amicable settlement with the debtor, such settlement shall forthwith be reduced to writing in the form of an agreement, recording the immovable properties of the debtor with particulars of any mortgage, lien or charge subsisting thereon and the amounts payable to such 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.
