Amendment status not verified — confirm the current text below against the official source.
At any sale of movable or immovable property made under this Act in order to recover any money due to the State Development Bank or a District Development Bank no officer or employee + of such Bank {except on behalf of the Bank of-which he is an officer or employee) and ino sale officer or other person having any duty to perform in connection with such sale, shall either directly of indirectly bid for or acquire or attempt to acquire any interest in such property. 50: (1) Every Officer, employee or person of the State Development Bank or a District Development Bank or an authority exercising or authorised to exercise the powers under this Act or the Rules made thereunder or under the Co-operative Societies Act, 1960 (No. 17 of 1961) or the Rules or Bye-laws made thereunder shall be deemed to be-a public servant within the meaning of Sectiun 21 of the Indian Penal Code, 1860 (45 of 1860). Application of provisiens of Transfer of Property Act, 1882 to notices. ‘Officers of Banks and sale Officers not te bid at sales, Officers, em- plevees or persons te be public (2) No suit, prosecution or other legal proceedings shall lie against any-such officer, employee, Person or authority for anything which is in good faith done Ot intended to be done undér this Act, "51. The State Development Bank may, if it thinks fit, delegate all or any of its powers under Sectiog 26. 27, of 33 to a Commitice consisting of not more than three meiribers, one of whom shall be the Registrar or his nominee, not below the’ rank of Joint Registrar. ow