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REGISTERED NO. D-(D)-72

The Gazette of India

EXTRAORDINARY

PART II—Section 1

PUBLISHED BY AUTHORITY

No. 1] NEW DELHI, MONDAY, JANUARY 10 , 1977/PAUSA 20, 1898

Separate paging is given to this Part in order that it may be filed as a separate compilation

MINISTRY OF LAW, JUSTICE AND COMPANY AFFAIRS

(Legislative Department) New Delhi, the 10th January, 1977/Pausa 20, 1898 (Saka)

The following President's Acts are published for general information THE TAMIL NADU CO-OPERATIVE SOCIETIES (AMENDMENT) ACT, 1977 No 1 OF 1977

Enacted by the President in the Twenty-seventh Year of the Republic of India. An Act further 10 amend Tamil Nadu Co-operative Societies

Act, 1961.

41 of 1

In exercise of the powers conferred by section 3 of the Tamil Nadu State Legislature (Delegation of Powers) Act, 1976, the President is pleased to enact as follows: —

1. This Act may be called the Tamil Nadu Co-operative Societies Short title.

(Amendment) Act, 1977.

2. After section 13 of the Tamil Nadu Co-operative Societies Act, 1961

(hereinafter referred to as the principal Act), the following section shall be inserted, namely: —

Inser- tion of new sec- tion 13-A.

Tamil Nadu Act 53 of 1961.

Power to direct amalga- mation in public interest, etc. "13-A. (1) Where the Registrar is satisfied that it is essential in the public interest or in the interest of the co-operative movement, or for the purpose of securing the proper management of any regis- tered society, that two or more registered societies should amal- gamate, then, notwithstanding anything contained in section 13 but subject to the provisions of this section, the Registrar may, by order notified in the Tamil Nadu Government Gazette, provide for the amalgamation of those societies into a single registered society with

such constitution, property rights, interests and authorities, and such liabilities, duties and obligations, as may be specified in the order.

(2) No order shall be made under this section, unless—

(a) a copy of the proposed order has been sent in draft to

each of the societies concerned,

(b) the Registrar has considered and made such modifica- tions in the draft order as may seem to him desirable in the light of any suggestions and objections wtuch may be received by him within such period (not being less than two months from the date on which the copy of the order as aforesaid was received by each o| the societies concerned) as the Registrar may fix in that behalf, either from such society or from any member or class of members thereof, or from any creditor or class of creditors.

(3) The order referred to in sub-section (1) may contain such incidental, consequential and supplemental provisions as may, in the opinion of the Registrar, be necessary to give effect to the amalgama- tion

(4) Every member or creditor of each of the societies to be amalgamated who has objected to the scheme of amalgamation, within the period specified, shall be entitled to receive, on the issue of the order of amalgamation, his share or interest if he be a mem- ber, and the amount m satisfaction of his dues if he be a creditor.

(5) Whore two or more societies have been amalgamatsd, the registration of such societies shall be cancelled on the date of regis- tration of the amalgamated society.

(6) The registration of the amalgamated society shall be a sufficient conveyance to vest the assets and liabilities of the original societies in the new society m the manner specified in the order referred to in sub-section (1)."

Amend- ment of section 96

3 In clause (a) of sub-section (2) of section 96 of the principal Act, •for th'j words, figures and letter "order under section 28-A", the words, figure.s and letters "order under section 13-A, section 28-A" shall be substituted

4. In sub-section (2) of section 119 of the principal Act, after clause

(b), the following clause shall be inserted, namely: —

"(b-1) prescribe the procedure to be followed and conditions to

Amend- ment of tection lift.

be complied with for amalgamation of registered societies;".

PAKIIRUDDIN ALI AHMED,

K. K SUNDARAM,

Secy, to the Govt. vf India,

Reasons for the enactment

Section 13 of th. Tamil Nadu Co-operative Societies Act, 1961 (Tamil Nadu Act 53 of ¹- ) "fer aha provides for amalgamation of two or more registered sc es voluntary basis. But the procedure is rather long drawn. In c . oticed that the existing provision for voluntary amalg; ; • • Pieties is not very effective. The need for provision for romp., ,<.t tunalgamation of the societies has been felt in the light of the recommendations of the All India Rural Credit Heview Committee and more recently of the Study Team on Overdues of Co-operative Credit Institutions, for ensuring proper rationalisation ot the co-operative credit structure.

2 This measure seeks to aclrove this object. The Committee consti- tuted under the proviso to sub-section (2) of section 3 of the Tamil Nadu State Legislature (Delegation of Powers) Act, 1976 (41 of 1976), has been consulted before the enactment of this measure as a President's . Act.

M G BALASUBRAMANIAN,

Secy, to the Go*ot. of India

(Ministry of Civil Supplies

and Cooperation).

THE TAMIL NADU CO-OPERATIVE LAND DEVELOPMENT BANKS (AMENDMENT) ACT, 1977 No. 2 OF 1977 Enacted by the President in the Twenty-seventh Year of the Republic of India.

An Act further to amend the Tamil Nadu Co-operative Land Development Banks Act, 1934

41 ef me.

In exercise of the powers conferred by section 3 of the Tamil Nadu State Legislature (Delegation of Powers) Act, 1976, the President is pleased to enact as follows: —

1 This Act may be called the Tamil Nadu Co-operative Land

Short title.

Development Banks (Amendment) Act, 1977.

Inser- tion of

' new

2. After section 4 of the Tamil Nadu Co-operative Land Development Banks Act, 1934 (hereinafter referred to as the .principal Act), the following section shall be inserted, namely: —

Tamil Nadu Act X o* 1931

"4-A. (1) Notwithstanding anything contained in section 4, in respect of loans granted to the Tamil Nadu State Electricity Board, the Board of Directors of the State Land Development Bank may, with the previous permission of the Trustee, issue debentures, with State Government guarantee, and without the security of mortgages, of one or more denominations for such periods as it may deem expe- dient and subject to such conditions as the State Government may think fit to impose.

(2) The debentures issued under sub-section (2) may contain a term fixing a period not exceeding ten years from the date of issue during which they shall be irredeemable, or reserving to the Board the right to call in at any time any of such debentures in advance

flection 4-A Issue Of deben- tures by the Board with State Govern- ment guarantee and without security of mort- gages.

of the date fixed ior redemption, after giving to the debenture-holder concerned, not less than three months' notice, in writing.".

3. In section 5 of the principal Act,—

Amend- ment of section 5.

(i) for the words "debentures issued by the Board", the words, figures and letter "debentures issued under section 4 or under section 4A by the Board" shall be substituted;

(a) for the words "holders of the debentures shall have a float- ing charge", the words and figure "holders of the debentures issued tinder section 4 shall have a floating charge" shall be substituted.

4. In section 6 of the principal Act,—

Amend- ment of .section 6.

(1) in the inyrgmal heading, after the words and figure '"deben- tures issued under section 4", the words, figure and letter "or under section 4-A" shall be inserted;

(n) in sub-pcction (1), after the words and figure "debentures issued under section 4", the words, figure and letter "or under sec- tion 4-A" shall be inserted.

5. In f.ectmn 8 of the principal Act,—

Amend- ment of section P

(a) in clau.-es d), (u) and (it), after the word "debentures", the words, figure's pnd letter "issued under section 4 or under section 4-A" shall be inserted;

(b) 111 dauaL? (>'•), fnr the words "debentures damaged or des- troyed", the words, -figures and letter "debentures issued under sec- tion 4 or under section 4-A and damaged or destroyed" shall be substituted

IAKHRUDDIN ALI AHMBD,

President.

K. K. SUNDARAM,

Secy, to the Gout, of India.

Reasons for the enactment

The Agricultural Refinance and Development Corporation, Bombay, has recently introduced a scheme of refinance to Banks who may directly finance the cost of energisation of wells undertaken by the State Electricity Boards on a priority basis under the Minor Irrigation Schemes approved by that Corporation. Under the scheme, the financing bank may reimburse the State Electricity Boards m respect of connections provided by these Boards. The refinance from the Corporation will be made available by way of contribution to the debentures of a separate kind to be floated by the State Land Development Bank on the guarantee given by the Government of Tamil Nadu. The proposed debentures will not be on the basis of the security of mortgages. In order to provide for the floatation of this separate kind of debentures without the security of mortgages, it has been found necessary to amend the Tamil Nadu Co- operative Land Development Banks Act, 1934.

2. This measure seeks to achieve the above objects.

3. The Committee constituted under the proviso to sub-section (2) of section 3 of the Tamil Nadu State Legislature (Delegation of Powers) Act, 1&76 (41 of 1976), has been consulted before the enactment of this measure as a President's Act.

M. G. BALASUBRAMANIAN,

Secy, to the Govt. of India,

{Ministry of Civil Supplies and

Cooperation)'

PAINTED BY THE GENERAL MANAGER, GOVERNMENT OP INDIA PRESS, M)NTO ROAD,

JNTCW DELHI AND PUBLISHED EY THE CONTROLLER OF PUBLICATIONS, DELHI, 1 9 77