Section 44X in The Bihar Co-operative Societies Act, 1935
44X. Confirmation of sale.
- Where any mortgaged property is sold under the provisions of section 44-U by a Primary Land Development Bank, the Bank shall, in the manner prescribed, submit to the State Co-operative Land Development Bank and the Registrar a report setting forth the manner in which the sale has been effected and the result of the sale. Where the sale is made by the State Cooperative and Development Bank or the Trustee is a person other than the Registrar. Similar Report shall be submitted by the Board or the Trustee as the case may be, to the Registrar.(2)After the report aforesaid has been submitted to the Registrar the managing committee of a Primary Co-operative Land Development Bank or the Board of the Trustee, as the case may be, may with the approval of Registrar, confirm or cancel the sale within one hundred and twenty days of the date of sale.(3)Where the Registrar is the Trustee and has taken action pursuant to subsection (1) of section 44-W, he may confirm or cancel the sale of the mortgaged property of his own motion or on the application of a Land Development Bank within one hundred and twenty days from the date.(4)Upon the mortgagor or any person having a right, title or interest in the mortgaged property applying to the managing committee of a Land Development Bank or the Board or the Trustee or the Registrar as the case may be, for setting aside the sale after having deposited at the Office of the Land Development Bank concerned such sums of money as may be sufficient for payment of the amount specified in the notice served under clause (b) of sub-section (2) of section 44-U together with subsequent interest and costs, if any, incurred during the process of sale and a commission, for payment to the purchaser, or a sum equal to five percent of the purchase money deposited by him, the sale of the mortgaged property shall be cancelled under the provisions of sub-section (2) or (3) of this section.(5)When sale is confirmed under the provisions of this section it shall become absolute and shall be deemed to be absolute for the purpose of the Code of Civil Procedure, 1908 (5 of 1908).
