The U P Sahkari Gram Vikas Bank Act 1964
Section 21B. Creation of charge in favour of Gram Vikas Bank or Uttar Pradesh Sahkari Gram Vikas Bank
1[21-B. Creation of charge in favour of 2[Gram Vikas Bank] or 2[Uttar Pradesh Sahkari Gram Vikas Bank]. (1) A person desirous of securing financial assistance from a 2[Gram Vikas Bank] or the 2[Uttar Pradesh Sahkari Gram Vikas Bank] by hypothecation of movable property owned by him may make a declaration in writing on a duly stamped paper that he thereby hypothecates such property in favour of such Bank.
(2) When a person desirous of securing financial assistance from a 2[Gram Vikas Bank] or the 2[Sahkari Gram Vikas Bank] does not possess property of sufficient value to secure the loan, financial assistance may be provided to him by such bank on furnishing sureties to the satisfaction of the Bank subject to such conditions, if any, as may be prescribed.
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