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The Meghalaya Credit Operation and Miscellaneous Provisions Act, 1976 (Act 10 of 1976)

Meghalaya

An Act to make provisions to facilitate adequate flow of credit for agricultural production and development through Banks and other institutional credit agencies and for matters connected therewith and incidental thereto.

Act number
10 of 1976
Ministry
Meghalaya Law Department
Department
Law Department
Enacted
17 Jun 1976

Source: IndiaCode Portal, Legislative Department, Ministry of Law and Justice, Government of India. Open on India Code Check against the official text before relying on it.

25 sections

  1. Section 1Short title, extent and commencement
  2. Section 2Definitions
  3. Section 3Removal of restrictions on alienation.
  4. Section 4Charge on crops and other movable property created in favour of a bank.
  5. Section 5Creation of charges on land in favour of a bank by declaration.
  6. Section 6Priority of mortgages and charges.
  7. Section 7Registration of charge and mortgage in favour of banks.
  8. Section 8Noting of charge or mortgage created in favour of a bank in the Record of Rights.
  9. Section 9Restrictions on creation tenancy by an agriculturist borrower.
  10. Section 10Recovery of dues of a bank through a prescribed Authority.
  11. Section 11Rights of a bank to acquire and dispose of immovable property
  12. Section 12Exemption to banks from restrictions on acquisition of land in excess of ceiling.
  13. Section 13Bank eligible to become member of a Co-operative Society.
  14. Section 14Power of Co-operative Societies to borrow from banks.
  15. Section 15Inspection of books of a Co-operative Society by a Bank
  16. Section 16Disputes between a bank and a Co-operative Society
  17. Section 17Settlement of dispute
  18. Section 18Procedure for hearing of disputes.
  19. Section 19Decision of Registrar or his nominee or Board of nominees.
  20. Section 20Recovery of money awarded.
  21. Section 21Power of a bank to proceed against defaulting members of a Co-operative Society.
  22. Section 22Audit, inspection and inquiry reports of Societies to be available to banks.
  23. Section 23Exemption from legislation relating to money lending and agriculturists’ debt relief
  24. Section 24Extension to other developmental purposes.
  25. Section 25Power of State Government to make rules.