Kerala Co-operative Land Mortgage Banks Act, 1960
No: 1 Dated: Jan, 29 1960
THE KERALA CO-OPERATIVE LAND MORTGAGE BANKS ACT, 1960
Act 1 of 1960
An Act to facilitate the working of co·operative land mortgage banks in the State of Kerala,
In exercise of the powers conferred by section 3 of the Kerala State Legislature (Delegation of Powers) Act, 1959 (50 of 1959) , the President is pleased to enact as follows :-
CHAPTER I
Preliminary
1. Short title, extent and commencement.-(1) This Act may be called the Kerala Co-operative Land Mortgage Banks Act, 1960.
(2) It extends to the whole of the State of Kerala.
(3) It shall come into force on such date as the Government may, by notification in the Gazette, appoint.
2. Definitions.-In this Act, unless the context otherwise requires,-
( a) "Board" means the Board of Directors of the Central Land Mortgage Bank;
(b) "Central Mortgage Bank" means the Kerala Cooperative Central Land Mur,gage Bank, Limited;
(c) "Committee" in relation to a primary mortgage bank, means the Board of Directors or Board of Management or the Panchayat or the Committee of management or the governing body to whom the management of its affairs is entrusted;
(d) ''Co-operative society" means a cooperative society registered or deemed to be registered under the Travancore Cochin Co-operative societies Act, 1951 or the Madras Co· operative Societies Act, 1932;
(e) 'Malabar" means the Malabar district referred to in sub-section (2) of section ;) of the States Reorganisation Act, 1956 (37 of 1956);
(f) "notified order" means an order notified in the Gazette;
(g) "prescribed" means prescribed by rules made by the Government under this Act;
(h) "primary mortgage bank" means a co-operative land mortgage bank registered or deemed to be registered under the Travancore-Cochtn Co-operative Societies Act, 1951, or the Madras Co-operatiw Societies Act, 1932, and admitted as a member of the Central Mortgage Bank;
(i) "Registrar'' means the person appomted by the Government to be the Registrar vf Co-operative Societies for the State;
(j) "State'' means the State of Kerala;
(k) "Trustee'' means the Trustee referred to in section 5.