Section 15C(3) in Maharashtra Land Improvement Schemes Act, 1942
(3)Where the rights and liabilities of the Company, in respect of any owners are transferred to and vest in a scheduled bank, the bank shall give an intimation to the Talathi, or such officer as may be designated by the State Government in this behalf, of the particulars of the lands and names of such owners and of the charge or mortgage created thereon in its favour. The Talathi or designated officer shall show in the record of rights or, where there is no record of rights, in the prescribed village record and in the village accounts the name of the bank as the mortgagee of the lands and make a note of other particulars of the charge created or mortgage given. The bank shall likewise give an intimation to the Talathi or designated officer as soon as the whole amount due from any owner ceases to be outstanding, and thereupon the Talathi or designated officer shall make a suitable note in the record of rights or the village record and accounts about release of the land from the charge or mortgage, as the case may be.
