bond legality

Querist : Anonymous (Querist) 29 September 2010 This query is : Resolved
We have district central co.op. bank who financed one co.op. society by mortgaging the properties of that society.one condition to operate the loan account is directors of society should give bond to bank by mortgaging their own property as a colateral security. For this 11 directors out of 12 gave bond signed and one director never signed the bond. We are in doubt whether the revenue dept can charge the properties of 11 directors when it is on single bond paper of 100 rs.We think that m.d. is not valid legal and not in force. what should be done for this and under which law?

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