Section 6 in The Assam Co-operative Agricultural and Rural Development Bank, Rules, 1961
6.
In the sale of immovable mortgaged property under the provisions of Sections 11 to 19 the following procedure shall be observed-(a)Payment of costs of proclamation and sale of mortgaged property. - No applications under sub-section (1) of Section 12 shall be received unless the applicant deposits the necessary cost of proclamation and sale on a scale fixed by the Registrar.(b)Application for sale of immovable property and particulars connected with sale. - The application shall be in such form as may be required by the Registrar and shall be signed by the applicant or where the applicant is a member of the committee of a Mortgage Bank, by a person duly authorised by the Committee. It shall state the amount due for recovery including expenses incurred in the service of the notices referred to in clause (b) of sub-section (2) of Section 11, and the names and addresses of the persons on whom notices were served under the said clause. It shall also contain a description sufficient for identification of the immovable property to be proceeded against and in case such property can be identified by boundaries or numbers in a record of settlements and survey, the specification of such boundaries or numbers.(c)Duties of sale officer on receipt of application. - On receipt of the application the Sale Officer shall state in the notice under sub-section (1) of Section 12 the amount claimed by the Mortgage Bank including expenses incurred by it in the service of notices and the particulars of properties to be sold in case of non-payment within a time to be allowed by him.(d)When the defaulters fail to pay. - If before the expiration of the time allowed in the notice issued under clause (c) the amount specified in such notice is not paid, the Sale Officer shall, after giving notice to the mortgage Bank on whose behalf the application is made, proceed to sell the immovable property specified in the application in the following manner.(e)Proclamation before sale. - Proclamation of sale shall be published by fixing notice in the office of the Principal Officer of the Co-operative Department in the area and in the office of the Sub-Deputy Collector at least ten days before the date fixed for the sale and also by beat of drum in the village where the mortgaged property to be sold in situated on two consecutive days previous to the date of sale and on the day of sale, prior to the commencement of the sale. The proclamation shall state the time and place of sale and specify as fairly and accurately as possible-(i)The property to be sold ;(ii)The Revenue or rent payable in respect thereof ;(iii)The amount for the recovery of which the sale is ordered ; and(iv)Every other matter which the Sale Officer considers material for a purchaser to know in order to judge the nature and value of the property.(f)How sale is conducted. - The sale officer may, in his discretion postpone the sale to a specified date and hour, recording his reasons fro such postponement. Where a sale is postponed for a longer period than seven days a fresh proclamation under clause (e) shall be issued unless the mortgagor consents to waive it.(g)Deposit by purchasers and re-sale in the event of default. - A sum of money equal to 15 percent of the sale price of the immovable property shall be deposited by the purchaser in the hands of the Sale Officer at the time of purchaser and in default of such deposit the property shall forthwith be resold : provided that the Mortgage Bank at whose instance the property is sold is the purchaser and is entitled to set off the purchase money against the amount under clause (1) the Sale Officer shall dispense with the requirement of this clause.(h)Time allowed for payment of balance of Purchase Money. - The reminder of the purchase money shall be paid within fifteen days from the date of sale :Provided that in calculating the remainder of the purchaser money to be paid under the clause, the purchaser, shall have the advantage of any set off to which he may be entitled under clause (1).(i)Steps to be taken by Sales Officer in default of payment. - In default of payment within the period mentioned in clause (h), the deposit may, if the sale officer thinks fit, after defraying all costs, charges and expenses of the same, be forfeited to the Government and the defaulting purchaser shall forfeit all claims to the property or to any part of the sum for which it may subsequently be sold.(j)Defaulting purchaser responsible for loss of deficiency on re-sale. - Any deficiency of price which may happen on the re-sale by reasons of the purchaser's default and all expenses attending such re-sale shall, at the instance either of the applicant or of the mortgagor be recoverable from the defaulting purchaser as an arrear of land revenue.(k)Notification on re-sale. - Every re-sale of the immovable mortgaged property in default of payment of the purchase money within the period allowed for such payment, shall be made after issue of a fresh proclamation in the manner and for the period herein before prescribed for the sale.(l)Where the applicant bank purchases, purchase money shall be adjusted towards amounts due. - Where the Mortgage Bank at whose instance the property is sold, purchases, the purchase money and the amount due shall be set off against one another, and the Sale Officer shall record satisfaction of payment of mortgage money in whole or in part, as the case may be.
