Amendment status not verified — confirm the current text below against the official source.
(1) Property purchased under section 133 {3), by, and pro- perty transferred under section 100 to, the Land Development Banks may be disposed of by such banks by sale within such period as may be fixed by the Trustee, subject to the condition that such sales shall be in faVonr only of agriculturists eligible to hold land under the Mani- pur Land Revenue and Land Reforms Act, 1950 or any corresponding law for the time being in force, or may be leased out by them on such terms and conditions as may be laid down by the State Government from time to time. (2) Nothing contained in any law for the time being in force fixing maximum limit of agricultural holding shall apply to the acqui. sition or holding of land by the Land Development Banks under this section. Cl 0( Land Deve Iopment Bank to re- ceive money and give discharge. Power of Land Development Bank where mortgaged property is destroyed or security be- comes insu fficient Right of De- veiopment Bank to buy mortgaged property. r.-06 Recovery of. loans by Development Banks. Power of diltuint. Sale of mort- gaged pro- party. ‘