Section 21 in Himachal Pradesh Co-operative Agriculture and Rural Development Banks Act, 1979
21. [ Power of the Agriculture and Rural Development Bank to receive money and grant valid discharge. [Sections 21 and 22 Substituted vide Act No. 16 of 1987 w.e.f. 16-11-1987.]
- Notwithstanding that a Gehan created or mortgage or hypothecation executed in favour of the Agriculture and Rural Development Bank has been transferred, or is deemed under the provisions of section 38, to have been transferred, to the Agriculture and Rural Development Bank,-(a)all moneys due under the gehan or mortgage or hypothecation shall, in the absence of any specific direction, to the contrary issued by the Board or the trustees and communicated to the person who created the gehan or executed the mortgage or hypothecation, be payable to the Agriculture and Rural Development Bank and such payment shall be as valid as if the gehan or mortgage or hypothecation had not been so transferred; and(b)the Agriculture and Rural Development Bank shall, in the absence of any specific direction to the contrary issued by the Board or the trustees and communicated to the Agriculture and Rural Development Bank be entitled to sue on the gehan or mortgage or hypothecation or take any other proceeding for the recovery of the moneys due under the gehan or mortgage or hypothecation.
