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Registration of documents executed in favour of Gram Vikas Bank or The Uttar Pradesh Gram Vikas Bank

§23

Summary

3[23. Registration of documents executed in favour of 2[Gram Vikas Bank] or the 2[Uttar Pradesh Gram Vikas Bank]. - (1) Notwithstanding anything contained in the Registration Act, 1908, or any other law for the time being in force, a deed creating charge or mortgagein any land on interest therein or in other immovable property, executed by a borrower member in favour of a 2[Gram Vikas Bank] or the 2[Uttar Pradesh Gram Vikas Bank] for the purpose of securing repayment of loan, shall be deemed to have been duly registered in accordance with that Act with effect from the date of the execution provided the bank has sent to the Sub-Registrar within the local limits of whose jurisdiction the whole or any part of the property charged, or mortgaged is situate, within a period of the three months from the date of execution, by registered post or hand delivery under acknowledgement, a copy of the document creating such charge or mortgage duly certified to be a true copy by any employee of the bank authorised to sign on its behalf and the Sub-Registrar concernedshall file such copy or copies, as the case may be, in this Book No. 1 prescribed under Section 51 of the Registration Act, 1908. (2) Where the Sub-Registrar is of the opinion that the said document is not duly stamped or that it suffers from any defect arising out of accidental slip or omission, he shall send back the copy or copies, as the case may be, of the document to the bank requiring it to get the deficiency in stamp duty made good on the original or to get the defect removed within thirty days or within such extended time as the Sub-Registrar may allow in that behalf. The bank shall get the deficiency made good or the defect removed, notwithstanding anything contained in the Indian Stamp Act, 1899. (3) After the deficiency in stamp duty has been made good or as the case may be, the defect has been recovered, the bank shall send the copy of the document again to the Sub- Registrar in the manner laid down in sub-section (1) and thereupon the Sub-Registrar shall file the copy in Book No. 1 in accordance with the provisions of sub-section (1). (4) Notwithstanding anything contained in the Registration Act, 1908, it shall not be necessary for the borrower member, the Trustee or for any officer of a 1[ Gram Vikas Bank] or of the 1[ Uttar Pradesh Gram Vikas Bank] to appear in person or by agent at any registration office in any proceedings connected with the registration of any instrument executed by him in his official capacity or to sign as provided in Section 58 of the said Act.

3[23. Registration of documents executed in favour of 2[Gram Vikas Bank] or the 2[Uttar Pradesh Gram Vikas Bank]. - (1) Notwithstanding anything contained in the Registration Act, 1908, or any other law for the time being in force, a deed creating charge or mortgagein any land on interest therein or in other immovable property, executed by a borrower member in favour of a 2[Gram Vikas Bank] or the 2[Uttar Pradesh Gram Vikas Bank] for the purpose of securing repayment of loan, shall be deemed to have been duly registered in accordance with that Act with effect from the date of the execution provided the bank has sent to the Sub-Registrar within the local limits of whose jurisdiction the whole or any part of the property charged, or mortgaged is situate, within a period of the three months from the date of execution, by registered post or hand delivery under acknowledgement, a copy of the document creating such charge or mortgage duly certified to be a true copy by any employee of the bank authorised to sign on its behalf and the Sub-Registrar concernedshall file such copy or copies, as the case may be, in this Book No. 1 prescribed under Section 51 of the Registration Act, 1908. (2) Where the Sub-Registrar is of the opinion that the said document is not duly stamped or that it suffers from any defect arising out of accidental slip or omission, he shall send back the copy or copies, as the case may be, of the document to the bank requiring it to get the deficiency in stamp duty made good on the original or to get the defect removed within thirty days or within such extended time as the Sub-Registrar may allow in that behalf. The bank shall get the deficiency made good or the defect removed, notwithstanding anything contained in the Indian Stamp Act, 1899. (3) After the deficiency in stamp duty has been made good or as the case may be, the defect has been recovered, the bank shall send the copy of the document again to the Sub- Registrar in the manner laid down in sub-section (1) and thereupon the Sub-Registrar shall file the copy in Book No. 1 in accordance with the provisions of sub-section (1). (4) Notwithstanding anything contained in the Registration Act, 1908, it shall not be necessary for the borrower member, the Trustee or for any officer of a 1[ Gram Vikas Bank] or of the 1[ Uttar Pradesh Gram Vikas Bank] to appear in person or by agent at any registration office in any proceedings connected with the registration of any instrument executed by him in his official capacity or to sign as provided in Section 58 of the said Act.

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