7. Limitation on mortgage of raiyati [plot of land] [Substituted by Act 31 of 2000 w.r.e.f. 7.8.1969.].
(1) A mortgage by a raiyat of his [plot of land] [Substituted by Act 31 of 2000 w.r.e.f. 7.8.1969.] or any share thereof other than(a)a simple mortgage, or(b)a usufructuary mortgage for a period not exceeding fifteen years, or(c)[ a mortgage by deposit of title deeds in favour of [[Substituted by Act 24 of 1990, w.e.f. 7.8.1969, published in the Calcutta Gazette, dated 23.10.1990. The old clause (c) read as follows:(c)a mortgage by deposit of title deeds in favour of a scheduled bank, a co-operative land mortgage bank or a corporation, owned or controlled by the Central or State Government, or by both, for the purpose of obtaining loan for the development of land or improvement of agricultural production.]](i)a scheduled bank as defined in the Reserve Bank of India Act, 1934 (2 of 1934), or(ii)a co-operative land mortgage bank registered or deemed to be registered under any law for the time being in force, or(iii)a public financial institution referred to in section 4A of the Companies Act, 1956 (1 of 1956), or(iv)a corporation owned or controlled by the Central Government or the State Government or by both the Central Government and the State Government, or(v)the International Finance Corporation established under the Agreement as defined in clause (a) of section 2 of the International Finance Corporation (Status, Immunities and Privileges) Act, 1958 (42 of 1958), or(vi)such other financial institution, by whatever name called, established or registered under any law for the time being in force, as the State Government or the Central Government may, by notification in the Official Gazette, specify, for the purpose of obtaining loan or financial assistance (including debenture as defined in clause (12) of section 2 of the Companies Act, 1956) for the development of the land comprised in the [plot of land] of such raiyat or for the improvement of any agricultural production (including horticulture or fishery) or for the development or improvement of any plantation or for the establishment or development of any industry, livestock breeding, dairy, poultry farming, commercial unit, educational centre, health centre, public recreation centre or research centre upon such land or for the promotion and [plot of land] [Substituted by Act 31 of 2000 w.r.e.f. 7.8.1969.] of sports or cultural or philanthropical activity upon such land or for the construction of any housing estate for bona fide residential purpose or any building for providing accommodation for any office upon such land or for such other activity as the State Government may, by notification in the Official Gazette, specify,] shall be void.(2)A usufructuary mortgage referred to in clause (b) of sub-section (1) may be redeemed at any time before the expiry of the period.
