Tamil Nadu Co-operative Societies (Amendment) Act, 1999*
| [Tamil Nadu Act No. 50 of 1999] | [14th December, 1999] |
An Act further to amend the Tamil Nadu Co-operative Societies Act, 1983
Be it enacted by the Legislative Assembly of the State of Tamil Nadu in the Fiftieth Year of the Republic of India as follows:-
* Received the assent of the Governor on the 14th December, 1999 and published in the Tamil Nadu Government Gazette, Extraordinary.
1. Short title and commencement.- (1) This Act may be called the Tamil Nadu Co-operative Societies (Amendment) Act, 1999.
(2) It shall come into force at once.
2. Amendment of section 2.- In section 2 of the Tamil Nadu Co-operative Societies Act, 1983 (Tamil Nadu Act 30 of 1983) (hereinafter referred to as the principal Act), for clause (12), the folk wing clause shall be substituted, namely:-
"(12) "Co-operative year" means the period commencing on the first day of April of any year and ending with the 31st day of March of the succeeding year".
3. Insertion of new section 124-A.- After section 124 of the principal Act, the following section shall be inserted, namely:-
"124-A. Prohibition of transfer of the property mortgaged by the mortgagor.- (1) Notwithstanding anything contained in the Transfer of Property Act, 1882 (Central Act IV of 1882) or any other law for the time being in force, no property or portion thereof mortgaged to a primary agriculture and rural development bank, except with the prior consent in writing of the bank and sanction of the Registrar and subject to such terms and conditions as the Registrar may impose, shall be transferred by way of sale, mortgage, settlement, gift or otherwise.
(2) Any transfer of any property or portion thereof by sale, mortgage, settlement gift or otherwise, in contravention of sub-section (1) shall be null and void and the transferor shall be liable to punishment provided in section 158.".
4. Amendment of section 158.- In section 158 of the principal Act,-
(1) In the marginal heading, for the expression "sections 40, 41, 95 or 105", the expression "sections 40, 41, 95, 105, 124 or 124-A" shall be substituted;
(2) After the expression "sub-section (3) of section 105", the expression "or sub-section (1) of section 124 or section 124-A" shall be inserted.
5. Substitution of expressions in Tamil Nadu Act 30 of 1983.- (1) In the principal Act, except in sections 173, 177 and 183-
(a) for the expression "land development bank", wherever it occurs, the expression "agriculture and rural development bank" shall be substituted;
(b) for the expression "land development banks", wherever it occurs, the expression "agriculture and rural development banks" shall he substituted;
(c) for the expression "Land Development Bank", wherever it occurs, the expression "Agriculture And Rural Development Bank" shall be substituted;
(c) in Chapter XIV for the heading "LAND DEVELOPMENT BANKS", the heading "AGRICULTURE AND RURAL DEVELOPMENT BANKS" shall be substituted; and
(e) in the Schedule, in PART-B, for the expression "Co-operative Land Development Banks", lite expression "Co-operative Agriculture and Rural Development Banks" shall be substituted.
6. Construction of reference to land development bank.- Any reference to the expression; "land development bank" in any other Act, or in any tale, notification, proceeding, order, by-law or other instrument made or issued or continued ??? such Act or order the principal Act shall be construed as reference to the "agriculture and rural development bank".
7. Legal proceedings.- Where immediately before the commencement of this Act, any legal proceeding is pending to which the "land development bank" is a party, "agriculture and rural development bank" shall be doomed to be Substituted for the "land development bank" in that proceeding.