GCSA 133 — Power to distrain.

Gujarat Co-operative Societies Act, 1961

Statutory text

(1) If any installment payable under a mortgage executed in favour of a 86[land development bank], or any part of such installment, has remained unpaid for more than one month form the date on which it fell due, the committee of such bank may, in addition to any other remedy available to the bank, apply to the Registrar for the recovery of such installments or part thereof by distrait and sale of the produce of the mortgaged land, including the standing crops thereon.

(2) On receipt of such application the Registrar may, notwithstanding anything contained in the transfer of Property Act, 1882, take action in the manner prescribed for the purpose of distaining and selling such produce subject to the prior charge of the society :

Provided that, no distrait shall be made after the expiry of twelve months form the date on which the installment fell due.

(3) The value of the property distained shall as nearly as possible be equal to the amount due and the expensed of the distant and the costs of the sale.

Back to GCSA