In the p rincipal Act, in section 2,—- — A S S A M ACT N O . V I I I O F 1990

4. In the p rincipal Act, in section 2,—- Act in elapse (b), for the words, "The ACiCl d p Assam Cooperative Central Land Mort- k dhdh p gage .Bank L td.", the words, "The Coope- iAild Rl Dl ggp ra tiv e Agric ulture and Rural Develop- k dhll bbid g ment Bank Ltd.”, shall be substituted: (ii) in clause (c), for the words, "Coopera- iLd MBk"hd () ()p tive Land Mortgage Bank", the words, CiAild l gg "Cooperative Agriculture and Rural De- lBk"hll bbid pg velopment Bank”, shall be substituted. bttertioBof 6. In the principal Act, after section "TV pp, "TiaV the following new section shall be in- dl I of lrfcl. £< g cl £<* serted, namely :— w "11 A (1) Where advance is made against hypothecation of assets, the Mort- k hll hh gyp gage Bank shall have power to put the lfdflbhb ggpp assets on sale for default by the borrower f f ild y of payment of instalment due. No such power shall be exercised () unless;— 105 (a) notice in writing requiring pay- f ildhb g qg py ment of instalment due has been served upon the borrow er; and (b) default has been made in pay- f h ild py ment of such instalments due for three months after such service.” Amendment ot section 12 7. In the principal Act, in section 12, pp f rfi96iActf o r the existing provisions of sub-section ° ' (2)thfllihll bbtittd g p ° ' (2), the following shall be substituted, l () nam ely:— "(2) The sale shall be by public id hll bhld ihill () y p auction and shall be held in the village hhd iid g where the mortgaged property is situated hlf bli ggppy or at the nearest place of public resort ihffif hSlOffi pp or in the office of the Sales Officerwhichever place, in the opinion of the lffiiliklhi pp Sales Officer, is likely to attract the maxi- bf biddd h y mum number of bidders and the property iliklll bd ppy is likely to sell to better advantage h" ' y there.” ' ■ R. LASRAR, Secretary to the Govt, of Assam, Legislative Department. U Vr AH ATI—Hunted *nd published by tha Dy« D font tor (P) Directorate W Ptg. aed Sty Cuwnhflti—-21 fE» No« 149— 1«11^ —500—

Section 4