Punjab Agricultural Income Tax Act, 1997

From: 1997-06-16 - To: 0000-00-00 An Act to provide facilities to the Agricultural Development Finance Corporation for recovering its dues Preamble.— WHEREAS it is necessary to provide facilities to the Agricultural Development Finance Corporation for recovering its dues; It is hereby enacted as follows:- 1. Short title, extent and commencement.— (1) This Act may be called [3][the Punjab] Agricultural Development Finance Corporation (Recovery of Arrears) Act, 1958. [4][(2) It shall extend to the whole of the Province of [5][the Punjab] except the Tribal Areas.] (3) It shall come into force at once. 2. Pledging of property to the Corporation and recovery of its dues.— (1) Notwithstanding anything contained in any other law for the time being in force it shall be lawful for any agricultural concern, as defined in the Agricultural Development Finance Corporation Act, 1952[6] (hereinafter called the said Act) to pledge, mortgage, hypothecate or assign to the Agricultural Development Finance Corporation (hereinafter called the Corporation) established under the said Act, any movable or immovable property, in order to secure a loan advanced or to be advanced by the Corporation under the said Act. (2) The Corporation shall, in accordance with the provisions of the said Act, be competent to deal with and recover its dues by disposal of any property, pledged, mortgaged, hypothecated or assigned as aforesaid and nothing contained in any other law shall affect the rights or powers of the Corporation…