Section 12(1) in Himachal Pradesh Co-operative Agriculture and Rural Development Banks Act, 1979
(1)Notwithstanding anything contained in the Himachal Pradesh Co-operative Societies Act, 1968 (3 of 1969) or in any other law for the time being in force, any person owning any land or having interest in any land a tenant or occupier or owning any other movable or immovable property who applies to the Agriculture and Rural Development Bank for a loan, shall make a declaration in the prescribed form creating a gehan or mortgage or hypothecation in favour of the Agriculture and Rural Development Bank on the land or other movable or immovable property or interest therein or any movable property or movable assets to be acquired with the loan, specified in the declaration, for the repayment of the loan or advance granted or to be granted to him by the Agriculture and Rural Development Bank, together with interest on such amount of the loan or advance and expressly reserving in favour of the Agriculture and Rural Development Bank a right of sale without intervention of court, in case of default.
