Amendment status not verified — confirm the current text below against the official source.
-(1) Notwithstanding anything contained in any law for the time being Richt of in force, a bank shall have the power to itself acquire agricultural land or bank to interest therein or any other immovable property which has been charged or ci scipuoi rs 'otfid mortgaged to it by an agriculturist in respect of any financial assistance immovable availed of by him, provided the said land or interest therein or any other property. immovable property 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 moneys due to it, (2) A bank which acquires land or interest therein or any other im- movable property in exercise of the power vested in it under sub -section . (1) shall dispose it of by sale, within a period to be specified by the State Government in this behalf. (3) If the bank has to lease out any land acquired by it under sub- section (/), pending sale thereof as indicated in sub -section (2), the period of • 268 HARYA.NA GOVT GAZ., (EXTRA.), AUGUST - lc, 1973 -(SRAV ANA 25, 1895 SAKA) lease shall not exceed one year at a time and the lessee shall not acquire any interest in that property notwithstanding any provision to the Contrary contained in any other law for the time being in force. CHAPTER V FINANCING OF CO-OPERATIVE SOCIETIES BY BANKS . Bank eligible to become member of co -opera the society. Power of co-operative societies to b.srrow From bnik:,