Section 88 in The Orissa Co-operative Societies Act, 1962
88. Powers of [Co-operative Agricultural and Rural Development Bank] [Substituted by Orissa Act No. 23 of 1994 Section 5, dated 4.11.1994.] to receive money and grant discharge.
- Notwithstanding that mortgage executed in favour of [Co-operative Agricultural and Rural Development Bank] [Substituted by Orissa Act No. 23 of 1994 Section 5, dated 4.11.1994.] has been transferred, or is deemed under the provisions of Section 87, to have been transferred to the [State Co-operative Agricultural and Rural Development Bank] [Substituted by Orissa Act No. 23 of 1994 Section 5, dated 4.11.1994.]-(a)all moneys due under the mortgage shall, in the absence of any specific direction to the contrary issued by the Board or Trustee and communicated to the mortgagor, be payable to such [Co-operative Agricultural and Rural Development Bank] [Substituted by Orissa Act No. 23 of 1994 Section 5, dated 4.11.1994.] and such payment shall be as valid as if the mortgage had not been so transferred; and(b)the [Co-operative Agricultural and Rural Development Bank] [Substituted by Orissa Act No. 23 of 1994 Section 5, dated 4.11.1994.] shall, in the absence of any specific direction to the contrary issued by the Board of Trustee and communicated to it, be entitled to sue on the mortgage or take any other proceedings for the recovery of the moneys due under the mortgage.
