Amendment status not verified — confirm the current text below against the official source.
(1) Any exchange, sale, mortgage, pledge, lease or other alienation of the property of an institution executed or made or any debt contracted on its behalf, shall be void unless it is executed or made or contracted with the previous sanction of the Board or with the previous sanction of the Civil Court when in any suit, appeal or other proceedings in relation to the institution a Receiver has been appointed by the civil court for the management of the properties of the institution: Provided that the Court shall before granting or refusing such sanction give notice to the Board and hear the objections, if any, of the Board. (2) The Board may prefer an appeal to the High Court from the order passed by such Court within thirty days of the order and such appeal shall be heard and disposed of by a Bench of not less than two Judges. (3) Any person aggrieved by an order under sub-section (1) may appeal to the High Court within thirty days from the date of publication of the order in the Gazette and such appeal shall be heard and disposed of by a Bench of not less than two Judges. (4) Every order of the Board under sub-section (1) shall be published in the Gazette.