(I) The principal of and interest on, the ment — ASSAM ACT No.1 OF 1961

7 . (I) The principal of and interest on, the ment State debentures · issued under Secti:on 5, shall in respect of maximum amount as may be fixed by State in- Government and subject to such condition as it may on, think lit sGovernm to impose, carry the guarantee of the State think lit to Government. (2) The State Government r:yay subject to any law of the legislatur~ of the State increase the maximum amount i(I) of any guaiantee given under sub->ec mum am tion (I). (3) The State Bd d th Governme _ _nt may, after consul ting () the Board and the Trustee:- (a) by notification in the official Gazette; and ( b) by no tire of not lcs~ titan fourteen days in such of the principal news papers in the State and of other States in India as the State Government may select in this behalf; discontinue any i, uaran tee given by it or re5trict the m<1ximum amount thereof' f' or modify the conditions, subject to which it . is given with effect from a specified <ld te, not being earlier than six months from the date of publtca.1ion of tt the notification in the official p Gazette: Provided that the withdrawal, restrict10n or modification of any guarantee shall not in any way affect the guarantee carried by any debenture issued rrior to the date on which such withdrawal , restriction or modification takes effect. (4) Every notification and notice referred to in sub-section (3) shalt where the maximum amount of guarantee is to be restricted or the conditions subject to wliich the guarantee is given are to be modified,. set fut th precisely the scope and effect of the restriction difiihb or p modification, as the may be. 8.(1) If any instalment payable under mortgage executed in favour of a Mortgage Bank or any par~ of such instalment has remained unpaid for more than one month from the date on which it fell due, the Committee ma l' in addition to any other remedy available to the said Mo1 tgage Bank, apply to the Registrar or to such person as the State Government may appoint in this behalf for the recovery of s·1ch instalment or part by distraint and sale of the produce of the mortgaged land including the standing th crops therecn. Distraintwhen to be made; / On receipt of application the Registrar or the per;on the State Governm.:::i t m 1y appoint Act IV in tliis behalf m1y, ftotwithstanJi;1 g anything con1802. t .1 ined in the Tr;insfer of Prooerty Act, 1882, take <iction in the n.anner as prescribed for the purpose of distraining and selling such prc,duce : - Provided that no distraint shall be made after the expiry of twelve months from the date which the instalment fell due. The value of the properly distrained shall be as nearly as possible, equal to the amount due and the txpemes of the diitraint and the er st of tht sale. Distrainthow to be effi ctg (l) B,. e1 h · i h d en a · Distrainthow to be effi ct-· B,. e1ore or at t e · time w en a · istramt is ed. e made und ·r Section 8, the distrainer shall s<.:rve or cause to be served u pon the dl faulter a written dcmi nd specifying t he amount for which the distraint is made. The dem;,n<l shzill be d,.tnd and signed b; the distrainer and shall be served upon the delaulter by delivering z. cop] to hi '11 or in his absence to some a dull member of his family at !fr usu -1 place of abode or to his authorised agent or whc-n such ice cannot be effected, by affixing a copy of the demand on some conspic..uous p . rt of hi1 abode and of his land. ale ofpro- ,· ddis -trame · (1) lf, within 15 da's from the date of service of dew a id to in Section 9, the defaulter does not pay t h e · e · amount 1· or w. h' ic h h L L h Frum the proceeds of such $ale, a deduction shall be made at a rate not exceeding 6 naye paise in the 1upee on account of the co5t of the sale From the balance shall be deducted the expenses incurred by the distrainer on account of the distraint. The remainder , shall he applied to t1ae discharge of the arn otu t for which the . <lisll aint was made. The surplus, if any be del ivered to the person whose prope1ty has been sold and he }hall le given a receipt for the am0unt discha1ged f1om the of the sale. of Power of sale h b 11 ( l) Notwithsta,1ding anythin"" "' contained in theAct 1" IV weosa h b · "' ct 1"82

Section 7