Amendment status not verified — confirm the current text below against the official source.
(1) Notwithstanding anything contained in bank to ac- any law for the time being in force, a bank shall di*ire n t have power to itself acquire agricultura l land or im moX ble interest therein or any oth er immovable property Property. which has been charged or morgaatd to it by. an agriculturist in respect of any financial assistance availed of by him, provided the said land or interest therein or any other immovable pro perty has been sought to be sold by public auction and no person has offered to purchase it for a price which is sufficient to pay to the bank the money due to it; (2) A bank which acquires land or interest therein or any other immovable property in exer cise of the power vested in it under sub-section (1) shall dispose of it by sale in the manner provided in section 12 within a period to be specified by the State Government in this beh al f; (3) If the bank has to lease out any land acquired by it under sub-section (1), pending sale thereof as indicated in sub-section (2), the period of lease shall not exceed one year at a time an d the lessee shall not acquire any interest in that property notwithstanding any provisions to the contrary in any other law for the time being in force ; (4) A sale by a bank of land or interest there" in in term s of this section shall be subject to Section 4 and any provisions of any law in force which may place restrictions on purchase of land by non-agriculturists or ceiling for acquisition of land or by a person not belonging to a particular tribe or scheduled caste or fragmentation of land. 308 TH E ASSAM GA ZETTE, EXTRAO RDINARY, MAY 2, 197 7 Exe mpt'on