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Power of Board or of Trustee to distrain and sell property, etc

§18

Summary

18. Power of Board or of Trustee to distrain and sell property, etc. - (1) In the case of a direct mortgage with the 1[Uttar Pradesh Gram Vikas Bank], the Board or the Trustee shall have all the powers conferred on the managing committee of a 1[Gram Vikas Bank] under Sections 15,16 and 17, and in exercising the power under sub-section (1) of Section 16, clause (c) of sub-section (2) of that section shall be deemed to be non-existent. (2) The Board or the Trustee may direct the managing committee of a 1[Gram Vikas Bank] to take action against a defaulter under Section 15 or Section 16 or Section 17, and if the committee neglects or fails to do so, the Board or the Trustee may take such action subject to the provisions of sub-section(1). (3) (a) Where such action as is mentioned in sub-section (1) or sub-section (2) is taken by the Board the provisions of this Act and the rules or regulations made in this behalf shall apply in respect thereto as if all references to the 1[Gram Vikas Bank] and to its managing committee in the said provisions were references to the 1[Uttar Pradesh Gram Vikas Bank] and the Board respectively. (b) Where such action as is mentioned in sub-section (1) or sub-section (2) is taken by the Trustee, the provisions of this Act and the rules or regulations made in this behalf shall apply in respect thereto as if all references to the 1[Gram Vikas Bank] or to its managing committee in the said provisions were references to the Trustee.

18. Power of Board or of Trustee to distrain and sell property, etc. - (1) In the case of a direct mortgage with the 1[Uttar Pradesh Gram Vikas Bank], the Board or the Trustee shall have all the powers conferred on the managing committee of a 1[Gram Vikas Bank] under Sections 15,16 and 17, and in exercising the power under sub-section (1) of Section 16, clause (c) of sub-section (2) of that section shall be deemed to be non-existent. (2) The Board or the Trustee may direct the managing committee of a 1[Gram Vikas Bank] to take action against a defaulter under Section 15 or Section 16 or Section 17, and if the committee neglects or fails to do so, the Board or the Trustee may take such action subject to the provisions of sub-section(1). (3) (a) Where such action as is mentioned in sub-section (1) or sub-section (2) is taken by the Board the provisions of this Act and the rules or regulations made in this behalf shall apply in respect thereto as if all references to the 1[Gram Vikas Bank] and to its managing committee in the said provisions were references to the 1[Uttar Pradesh Gram Vikas Bank] and the Board respectively. (b) Where such action as is mentioned in sub-section (1) or sub-section (2) is taken by the Trustee, the provisions of this Act and the rules or regulations made in this behalf shall apply in respect thereto as if all references to the 1[Gram Vikas Bank] or to its managing committee in the said provisions were references to the Trustee.

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