mortage of movable / immovable property of educational socie

KO RAMESSH KUMAR (Querist) 14 July 2010 This query is : Resolved
Dear Sir/s/ Madam/s
Can, an educational Society running an Engineering college approved ay AICTE, New Delhi and affiliated to JNTU,Hyderabad, situated in A.P, India, PLEDGE IT'S MOVABLE / IMMOVABLE PROPERTY WITH BANK / FINANCIAL INSTITUIION UNDER A.P EDUCATION ACT, 1982.

Pls clarify.

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Y V Vishweshwar Rao (Expert) 14 July 2010
Yes- Subject to Section 28 of AP Education Act 1982

A V Vishal (Expert) 14 July 2010
Basically the bye laws of the society need to be looked into whether there are provisions relating to issues raised by you and secondly the method to be followed if the society's properties need to be mortgaged.

Y V Vishweshwar Rao (Expert) 16 July 2010
It is true, basically the Bye Laws of the Society should empower the Society/ General body to mortgage the properties and then compliance of Sec 28 of the AP Education Act 1982

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