Section 122 in The Tripura Co-operative Societies Act, 1974
122. Mode of dealing with applications for loan.
(1)When an application for a loan is made for any of the purposes mentioned in Section 115, a public notice shall be given of the application in such manner as may be prescribed calling upon all persons interested to present their objections to the loan, if any, in person, at a time and place fixed therein. The Government may, from time to time, prescribe the persons by whom such public notice shall be given and the manner in which the objections shall be heard and disposed of.(2)The prescribed officer shall consider every objection submitted under sub-section (1) and make an order in writing either upholding or over-ruling it:Provided that when the question raised by an objection is in the opinion of the officer one of such a nature that it cannot be satisfactorily decided except by a civil Court, he shall postpone the proceedings on the application until the question has been so decided.(3)A notice under sub-section (1), published in the manner prescribed, shall, for the purpose of this Act, be deemed to be proper notice to all persons having or claiming interest in the land to be improved or offered as security for the loan.(4)Subject to such rules as may be prescribed, the co-operative land development bank shall consider such applications after due enquiry for the purpose of making loans under this Chapter.(5)The co-operative land development bank on being satisfied as to the genuineness of purposes and correctness of the properties to be mortgaged to it shall refer the application for loans to the Registrar for obtaining his communication. On receipt of the recommendation from the Registrar the co-operative land development bank shall dispose of the application for loan.(6)Such application for loan shall be disposed of by the co-operative land development bank within a maximum period of none months from the date of receipt of the application for loan.(7)The co-operative land development bank shall have the right to reject any application for loan if this is found not suitable after enquiry or if the member fails to comply with any condition laid down by the co-operative land development bank after sanction of the application for loan:Provided that the decision of the co-operative land development bank in this regard shall be communicated to the member applicant within fifteen days from the date of such decision.
