Section 3A in Andhra Pradesh Scheduled Areas Land Transfer Regulation, 1959
3A. [ Special provision in respect of mortgages without possession. [Section 3A inserted by Regulation 1 of 1971.]
- Notwithstanding anything contained in this Regulation or in any enactment, rule or law inforce in the Agency tracts,-(1)any person, whether or not such person is member of a Schedule Tribe, may, subject to the provisions of Clause (2) mortgage without possession, any immovable property situated in the Agency tracts, to any Co-operative Society including a land mortgage bank, or to any [XXX] bank or other financial institution approved by the State Government;][Explanation. [Explanation is inserted as per Amendment Regulation 1 of 1978.] - For the purposes of this clause, 'a hank' means a banking company as detained in Clause (c) of Section 5 of the Banking Regulation Act, 1949 and includes the State Bank of India constituted under the State Bank of India Act, 1955, a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959, a corresponding new bank as specified in the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, the Agricultural Refinance and Development Corporation established under the Agricultural Refinance and Development Corporation Act, 1963, a Regional Rural Bank established under the Regional Rural Banks Act, 1976, and any other banking institution notified by the Central Government under Section 51 of the Banking Regulation Act, 1949;] [Sub-section (1) substituted by regulation 1 of 1970.](2)In respect of every mortgage which was executed at any time either before or after the date of commencement of the Andhra Pradesh Scheduled Areas Land Transfer (Amendment) Regulation, 1971, in the event of the immovable property so mortgaged or any part thereof being brought to sale in default of payment of the mortgage money or the interest thereof or for any other purpose, the said property shall be sold only to a member of a scheduled Tribe or a society registered or deemed to be registered under the Andhra Pradesh Co-operative Societies Act, 1954 (Act 7 of 1954) which is composed solely of members of the Scheduled Tribes.Explanation. - For the purpose of Section 3-B, and this section a Cooperative Society having as its members a]l or any of the following, namely:-(a)the individual members of the Scheduled Tribes;(b)one or more Co-operative societies which does not have among its members any person who is not a member of a Scheduled Tribe;(c)the Governmentshall be deemed to be a society registered or deemed to be registered under the Andhra Pradesh Co-operative Societies Act, 1964 (Act 7 of 1964) which is composed solely of members of the Scheduled Tribes.
