Section 61 in Jammu and Kashmir Co-operative Societies Rules, 2001
61. Sale of immovable property purchased by Agriculture and Rural Development Bank the State AgricultUre and Rural Development Bank
(1)The Agriculture and Rural Development Bank or the State Agriculture and Rural Development Bank which has purchased any immovable property sold under section 92 of the Act, shall unless otherwise directed by the Trustee, use its best endeavor to sell it to the best advantage of the Bank. The sale shall be effected by public auction within a period of six months from the date of purchase or within such further period as may be permitted by the Trustee.(2)The date and the place of such public auction shall be notified not less than thirty days before-(a)Advertising the sale of property with full details in one or more local newspapers.(b)Proclamation of sale by beat of drum in the village where the properly is situated.(c)Publication of sale notice at:(i)The village panchayat;(ii)The office of the Tehsildar or Naib-Tehsildar;(iii)The office of Agriculture and Rural Development Bank or the branch office of the State Agriculture and Rural Development Bank;(iv)The principal office of Assistant Registrar of the Tehsil. The sale shall be subject to confirmation by the Registrar.(3)The State Agriculture and Rural Development Bank or the Registrar may call for any clarification deemed necessary from the Agriculture and Rural Development Bank and satisfy itself or himself that the sale has properly been conducted and the Agriculture and Rural Development Bank shall furnish the same forthwith. The Registrar may call for any clarification from the State Agriculture and Rural Development Bank for the same purpose and such clarification shall be furnished forthwith by the State Agriculture and Rural Development Bank.
