Section 25B: Recovery of certain dues of banking companies as arrears of land revenue

25B. Recovery of certain dues of banking companies as arrears of land revenue. Loans and advances made by a banking company for agricultural 2[and other] purposes shall be recoverable as an arrear of land revenue as if the banking company were a local authority for the purposes of section 5 of the Revenue Recovery Act, 1890 (I of 1890): Provided that no sum shall be so recoverable unless the banking company has, by notice in writing, informed the debtor, not less than fifteen days before proceeding to have it so recovered, that he may repay by such instalment as may be fixed in the notice and that action to have the debt recovered as an arrear of land revenue will be taken if he fails to pay any instalment on or before the due date.]

Effective date: 1962-06-07

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