ACompanies Act, 1956
BSocieties Registration Act, 1860
CIndian Contract Act, 1872
DMSCS Act, 1984
Answer:
D. MSCS Act, 1984
Read Explanation:
Malabar Regional Land Mortgage Bank - Trissur
DEFINITION:
Sec 2(ra) of the KCS Act
KSCARDB means the apex society having only PCARDB as its members and functioning in accordance with KSCARDB Act, 1984
Headquarters - Thiruvananthapuram
Apex bank for long term credit structure in Kerala
'DEPRESSION BABIES' Land Mortgage Banks
Debentures constitutes the main Source of income of KSCARDB.
Members:
Kerala State Electricity Board
South Wayanad Girijan
Joint Farming Society
are the members of KSCARDB
debenture constitutes the main source of income of KSCARDB
14 regional offices
training centre Ernakulam
NABARD provides 90% of fund to KSCARDB
president : Solomon Alex
KSCARDB prepare DAP (Development Action Plan)
Debenture Redemption fund [Sinking fund]:
created out of loan recoveries for redemption of the Debenture not created out net profit
committee on integration of cooperative credit -
Hazami committee
RBI report 1976
board of directors - 24 members
executive committee - 9 members
Gehan : sec2(c)
DISPOSAL OF NET PROFIT:
25% of the net profit transferred to reserve fund
dividend not exceeding 20%
Debenture of KSCARDB:
debenture constitute the major source fund of KSCARDB
The word is derived from the Latin word "Debee" means "to owe“
Issued on the basics of the security collected by the bank from borrowers.
Trustee - registrar
Guarantee - government
Trustee is appointed by government before issuing debenture the KSCARDB should obtain consent from NABARD
The rate of interest of debentures is fixed by RBI
The staff training institute of SCARDB is at Ernakulam
Four type of debentures issued by KSCARDB
KSCARDB started issuing non-farm sector loans in 1987
KSCARDB accepted deposit from 2012
Committee on land mortgage banks - Madhavadas committee, 1976
1. Ordinary Debentures:
The ordinary debentures are issued to general public including individual and institution for 15 years
LIC
Co-operate Bank
RBI
Commercial banks
2. Rural Debentures:
As per the recommendation of AIRCSC, started issue in 1957 with the object of mobilizing savings habit of rural people, high rate of interest for a period of 6 to 7 years.
3. Special Development Debentures
These are issued for special projects of Agricultural Development or land improvement purchased by NABARD
4. Non Form Debentures (1987)
5.Rural Housing Debentures (1990)
Interim Finance:
SBI KSCB, provides finance to KSCARDB for a period of 1 year to bridge the gap between date of issue of long term loans to members PCARDB and receipt of sales proceeds of Debentures
Silesian land Schajt Germany
1769 - first land mortgage in the world
NCARDB (National Cooperation agriculture and Rural Development Banks Federation)
Headquarters first in Hyderabad
Now headquarters in Mumbai
Started in 1960 6th March
It was registered under MSCS Act 1984
Vaikunta Mehta take initiative and the formation of NCARDB Bank
Old name - all Indian Central land mortgage bank cooperative Union
In 1988 this name changed to NCARDB.
'Land Bank journal' is the publication of NCARDB
K. Shivdasan Nair is now the chairman