Section 87A in The Orissa Co-operative Societies Act, 1962
87A. [ Transfer of mortgages. [Substituted by Orissa Act No. 5 of 1970 Section 12, See Orissa Gazette Extraordinary dated 5.3.1970.]
(1)Notwithstanding anything contained in this Act or in the relative mortgage bonds, the mortgages executed in favour of the [State Co-operative Agricultural and Rural Development Bank] by the individual members thereof shall be deemed to be mortgages executed in favour of the [Co-operative Agricultural and Rural Development Bank] [Substituted by Orissa Act 23 of 1994, Section 5.] operating in the area wherein the mortgaged properties are situate and the said members shall be deemed to be members and debtors of such [Cooperative Agricultural and Rural Development Bank] [Substituted by Orissa Act 23 of 1994, Section 5.] with effect from the date on which the [State Co-operative Agricultural and Rural Development Bank] [Substituted by Orissa Act 23 of 1994, Section 5.] transfers the amounts due thereon, and the shares held by the members to the [Co-operative Agricultural and Rural Development Bank] [Substituted by Orissa Act 23 of 1994, Section 5.] concerned.(2)Notwithstanding anything contained in this Act or in the relative mortgage bonds, mortgage executed in favour of a [Co-operative Agricultural and Rural Development Bank] [Substituted by Orissa Act 23 of 1994, Section 5.] in respect of properties situated within the area of operation of another [Co-operative Agricultural and Rural Development Bank] [Substituted by Orissa Act 23 of 1994, Section 5.] newly or subsequently established shall be deemed to be executed in favour of such other bank, and the mortgagor shall be deemed to be a member and debtor of such other bank with effect from the date on which the former bank transfers the amounts due thereon and the shares held by the member to the later bank.(3)All moneys due under a mortgage transferred under this section shall be payable to the [Co-operative Agricultural and Rural Development Bank] [Substituted by Orissa Act 23 of 1994, Section 5.] to which the mortgage is transferred under Sub-Section (1) or Sub-Section (2) and such bank shall be entitled to receive money, to grant valid discharge and to sue on the mortgage or take any other proceedings for the recovery of money due thereunder.]
