Uttar Pradesh act 27 of 1978 : The UTTAR PRADESH CO-OPERATIVE LAND DEVELOPMENT BANKS (AMENDMENT) ACT, 1978

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a-FR 51i;i 71 117E, 1 8 Pi, it, 1978 3

No. 2517/XVII-V-1-69-1978

DatedLocknow, September 18,1978

IN pursuance of the provisions of clause (3) of Article 348 of the Constitution of India, he Governor is pleased to order the publication of the following English translation of the Uttar Pradesh Sahakari Bhoomi Vikas Bank (Sanshodhan) Adhiniyam, 1798 (Uttar Pradesh Adhiniyam Sankhya 27 of 1978) as passed by the Uttar Pradesh Legislature and assented to by the Governor on September 16, 1978 :

THE UTTAR PRADESH CO-OPERATIVE LAND DEVELOPMENT BANKS (AMENDMENT) ACT, 1978

[II PACT NO, 27 of 1978]

(As passed by the Uttar Pradesh Legl :lure)

AN ACT

to amend the Uttar Pradesh Co-operative Land Development Banks Act, 1964 , IT Is HEREBY enacted in the Twenty-ninth Year of the Republic of India as 'follows :-

1. (1) This Act may be called the Uttar Pradesh Co-operative Land ' Development Banks (Amendment) Act, 1978. •

(2) It shall be deemed to have come into force on June 17, 1978.

2.. In section 2 of the Uttar Pradesh Co-operative Land Development Banks Act, 1964, hereinafter referred to as the principal . Act,—

(0 in clause (c), for the words "on the mortgage of immovable pro- perty" the words "on the mortgage of or charge on immovable property, or against the unconditional guarantee of the State Government" shall be substituted, and shall be deemed always to have been substituted; and

(ii) in clause (j), for the words "the operation of other land develop- ment banks, if any i ncluded in its membership", the words "the operation of its members" shall be substituted, and be deemed always to have been substituted.

••:„ 3. In section 4 of the principal Act, in sub-section (2), after the words " as . modified" the words "or substituted" shall be inserted.

4. In section 6 of the principal Act,— (1) for sub-section (1), the following su b-section 'shall be substituted,

namely:—

"(1) With the previous sanction of the State Government and the Trustee, a nd subject to such terms and conditions as the State Govern- ment may impose, the Board may, from time to time, issue debentures of one or more denominations, for such period or periods as it may deem expedient, against the unconditional guarantee by the State Government for repayment in full of the principal and payment of interest thereon or on the security of mortgages, charges or hypo- thecations partly held and partly to be acquired and the properties and other assets transferred or deemed to have been transferred under the provisions of section 12 by the land development banks to the State Land Development Bank and other properties of the State Land Development Bank;"

(ii) for sub-section (3). the following sub-section shall be substituted, namely:—

"(3) The total amount due on debentures already issued by the Board under sub-section (1), together with the amount of any debentures proposed to be issued, shall nct exceed the aggregate of—

(a) the amounts due on the mortgages or charges or hypo- thecations and the value of other assets transferred or deemed under section 12 to have been transferred by the land develop- ment banks to the State Land Development Bank and sub- sisting at such time;

Short title and commencement.

Amendment of section 2 of U. P. Act no. 16 of 1964.

Amendment of section 4.

Amendment of section 6.

3; fit fin wow we, isfna'la'r, 1978 3 V“ V No, 2517/XVII-V-1—69-l978 DatetlLuc/cnow, September 18,1978 IN pursuance of the provisions of clause (3) of‘Article 348 of the Constitution of India, “he Governor IS pleased to order the publication of the following English translation of the Uttar ‘ Pradesh Sahakari Bhoonn Vikas Bank (Sanshodhan) Adhiniyam, 1798 (Uttar Prudesh Adhiniyam Sankhya 27 of 1978) as passed by the Uttar Pradesh Legislature and assented to by the Governor on September 16, 1978 : > THE UTTAR PRADESH C0.0PERATIVE LAND DEVELOPMENT BANKS (AMENDMENT) ACT, 1978 [U; P. AC1" NO. 27 of 1978] (As parsed by the Uttm’ Prades/I Legislature) *‘ AN ACT to amend the Uttar Pradesh Ca-opemtive Land Development Banks Act, 1964 , ' IT IS HEREBY enacted in the Twenty-ninth Year of the Republic of India as ;follows :— l. (1) This Act may be called the Uttar Pradesh Cooperative-Land Short title and Development Banks (Amendment) Act, 1978. - Commencmcnt. (2) It shall be deemed to have come into force on June 17, 1978, 2.. In sectionl of the Uttar Pradesh Co-operative Land Development Amendment of tBanks Act, 1964, hereinafter referred to as the principalAct,—~ fiatgnACtho 1%! (1') in clause (c),for the words “on the mortgage of immovable pro- of 1964. petty” the words “onthe mortgage of or charge on immovable property, or against the unconditional guarantee of the State Government” shall be substituted, and shall be deemed always to have been substituted; and (ii) 'in clause (j),for the words “the operation of other land develop- ment banks, ifanyincluded in its membership", the words “the operation ofits members" shall be substituted, and be deemed alwaysto have been substituted. as: 3. In section4 ofthe principal Act, in sub-section (2), afterthe words"as Amendment 01' modified” the words “or substituted" shall be inserted. semen 4. 4. In section 6 of the principal Act,— (i) for sub-section (1), the following su b-section'shall be substituted, Amendment of namely:—- section 6. “(1) With the previous sanction ofthe State Government and the Trustee,and Subject to such terms and conditions as the State Govern- ment may impose,the Board may, fromtimc to time,issue debentures of one or more denominations, for such period or periods as it may deem expedient, against the unconditional guarantee by the State Government for repayment in full of the principal and payment ofinterest thereon or on the security of mortgages, charges or hypo- thecations partly held and partly to be acquired and the properties and other assets transferred or deemed to have been transferred under the provisions of section 12 by the land development banks to the State Land Development Bank and other properties of the State Land Development Bank;" ' (ii)far sub-section (3). the following sub-section shall be substituted, namely:— “(3) The total amount due on debentures alreadyissued by the Board under sub-section (1), together with the amount of any debentures proposed to be issued, shall not exceed the. aggregate of— (a) the amounts due on the mortgages or charges or hypo- thecations and the value of other assets transferred or deemed under section 12 to have beentransferred by the land develop- ment banks to the State Land Development Bank and sub- sisting at such time;

4 377 W9Tarelf TItTa, lbfff.Tf 47, 197 8

the accumulations in the Debenture Redemption Fund:

the cash in hand and the balances with the banks and the book value or market value of securities under general funds; Whichever is less; and

such percentage of the amounts mentioned in clauses (a), (b) and (c), as may be prescribed."

5. For section 7 of the principal Act, the following section shall be substi- tuted, namely:—

Upon the issue of debentures under section 6, the benefit under the State Government guarantee and the mortgaged

Vesting of properties and other assets referred to in sub-section (3) property in of the said section and held by the Board, shall vest Trustee and in the Trustee and the holders of the debentures shall Debenture- holders charge be entittsd to the benefit of the guarantee of the State on the assets. Government and shall also have a floating charge on all

such mortgages and assets and amounts paid under such guarantee or mortgages and remaining in the hands of the State Land Development bank or of the Trustee."

Repeal and 6. (1) The Uttar Pradesh Co-operative Land Development Banks up

savings. (Amendment) Ordinance, 1978, is hereby rePea lei. fl

(2) Notwithstanding such repeal, anything done or any action taken under the provisions Of the princi a l'Act as amended by the said Ordinance shall be clsemed to have been done or taken under the corresponding provisions ,

rt.

Of the prine.ial Act as amended by this Act, as if this Act were inforee at all material times.

By order,

R. C. DEO SHARMA,

Substitution of new section for section 7.

irwo) 41'0 71•0 4,0 1:1-70-770410 247UTO (fkl7T0H-18-9-197S--7(2144)---1978--6 50

eflmmmmm ,rs faaya't,197s (b) the accumulations in the Debenture Redemption Fund: (0) the cash in hand and the balances with the banks and the booic value or market value of Securities under general funds, Whichever is less; and ((1) such percentage of the amounts mentioned in clauses (a). (b) and (c), as may be prescribed." ' SubStitu‘iDD 0f 5. For section7 of the principal Act, the following section shall be substi- new section for . section 7‘ ““3": namely.— “7. Upon theissue ofdebentures under section 6, the benefit under the State Government guarantee and the mortgaged Vesting of properties and other assets referred to in sub—section (3) lamps“)! in of the said section and held by the Board, shall vest Tmme and in the Trustee and the holders of the debentures shall Eégifii‘gfiarge be entitled to the benefit of the guarantee of the State on the assets. Government and shall also have a floating charge on all ' Such mortgages and assets and amounts paid under such guarantee or mortgages and remaining in the hands of the State Land , Development Bank or ofthe'l‘rustee." Repeal and 6. (l) The Uttar Pradesh Cry—operative Land Development Banks [1. savings. (Amendment) Ordinance, 1978, is hereby repealed. ' I“ (2) Notwithstanding such repeal, anything done or any action taken . under the provisions ofthe piinciralA‘ct as amended by the said Ordinance ,. shall be deemed to have been done or taken under the corresponding provisions . " ded by'this Act, as ifthis Act were inforee at all :1 1 By order, R. C. DEO SHARMA, chhiv. ' q’toqaoqofioe-rqow‘to 247 W0 (famoh—13—9—1978--:(2144)—-—-197s——650 ($60) 1‘ i