Amendment status not verified — confirm the current text below against the official source.
(1) Notwithstanding anytltling contained in of a any law for the time being in force, a bank shall have Bank to power to itself, acquire agriculhd land or interest ncquice and dispose of therein or any other immovable property which has immovable charged or mortgaged to it by an agriculturist P r Q ~ r t Y . in respect of any financial assistallce availed of by LII, provided the said Iand or interest thcrein cr any other .immovabie proye rty has bcen sought to bc sold hy public auctiorl and no person has ofrcrcd to pur- chase it ibr a prhicc which is sufficient to pay to the bank the money due to it. (2) A bank wfiicl-i zcquires land or interest therein or any o [her unmovable property in exercise of the power vested in it under sub-section (I), shall disposc it of by sale, within a period to be specified by the Statc Government in this behalf. (3) If the bank has to lease out any land acquired by it under sub-section (I), pending sale thereof as indicated in sub-section (2), the period of lease shall not excced one year at a time and thc lessee shaU not acquire any interest in that property, notwithstanding any provision to the contrary in any other law far the time being in force. I . (4) A sale by a bank of land or interest therein in terms of this section shall be subjcct to the provi- sions of any law in force which provides for restric- tions on purchase of land by non-agriculturists or by a person not belonging to a Scheduled Tribe or Scheduled Caste or for restrictions against fragmenta- tion of land or which provides for a ceiling on acquisition of land. Exemption to banks 12, Nothing in any law for the time being in rmm ratric- force placing a ceiling or limit on the holding. of land tiOfi acquisition on shall apply to a bank acquiring land in terms, of section ofland in 11 and holding such land till such time the bank is in a position to sell the Iand in the manner provided in ceiling. that section or otherwise, at a price which is adequate to cover its dues. C U P r n R V FXNANClNG OF CO-OPERATIVE SOCTETIES BY BANKS