State Act
21-B
Section 21-B. [Creation of charge in favour of [Gram Vikas Bank]5 or [Rarjya Sahakari Gram Vikas Bank]5
THE UTTAR PRADESH SAHAKARI GRM VIKAS BANK ACT, 1964
Act no. 16 of 19641964In forceUttarakhand (State Act)
21-B (1) A person desirous of securing financial assistance from a [Gram Vikas Bank]4 or the [Uttar Pradesh Sahakari Gram Vikas Bank]5 by hypothecation of movable property own by him may make a declaration in writing on a duly stamp paper that he thereby hypothecates such property in favour of such bank. (2) When a person desirous of securing financial assistance from a [Gram Vikas Bank]5 or the [Sahakari Gram Vikas Bank]4 does not possesses 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.