Section 40 in The Punjab Co-operative Land Mortgage Banks Act, 1957
40. Power of Board to make regulations.
- Notwithstanding anything contained in the Punjab Co-operative Societies Act, 1954, or the rules made thereunder; the Board shall have a general power of supervision over the Primary Land Mortgage Banks, and may make regulations not inconsistent with this Act or the rules made thereunder -(a)for the inspection of the account books and proceedings of Primary Land Mortgage Banks;(b)for the submission of returns and reports by Primary Land Mortgage Banks in respect of their transactions;(c)for the periodical settlement of accounts between Primarily Land Mortgage Banks and the State Bank and for the payment of the amounts recovered by Primary Land Mortgage Banks on mortgages transferred to the State Bank:(d)prescribing the form in which applications to Primary Land Mortgage Bank for loans should be made and for the valuation of the properties offered as security for such loans;(e)for the investment of moneys realized from the mortgagors; and(f)generally for the purpose of safeguarding the interests of the parties concerned and for carrying out the purposes of this Act.
