Amendment status not verified — confirm the current text below against the official source.
(1) Nothing contained in this Act shall apply to- (a) land owned by the Central Government or by a corporation established under a Central or State Act; (b) land held by a co-operative agricultural society registered on or before 26th Sept., 1970; provided that the total land held by an individual member including his share in such society does not exceed the ceiling area applicable to him; (c) land held by a bank or a co-operative land development bank or any other co-operative bank provided the land has been acquired by it in pursuance of the recovery of its dues; Explanation.- For the purposes of this sub-clause, a bank means a banking company as defined in section 3 of the Banking Regulation Act, 1949 and includes the State Bank of India constituted by the State Bank of India Act, 1955, a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 and a corresponding new bank as defined in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and any other financial institution notified in this behalf by the State Government; (d) land held by religious or charitable trust (including a wakf as defined in the Wakf Act, 1954) of a public nature or by a gaushala existing on or before 26th September, 1970; and (e) land held by an educational or research institution of a public nature if the entire income of such land is appropriated for such institution Provided that the exemption under clause (d) and clause (e) shall apply only as long as such land continues to be required and used for its purposes by such trust or such gaushala or such educational or the research institution, as the case may be. Explanation.- Where any land exempted by clause (d) or clause (e) of sub-section (1) is intended to the sold, gifted or mortgaged with possession, it shall be deemed for the purpose of the aforesaid proviso that the land is not required and used for the purpose of such trust or, as the case may be, such gaushala or such educational research institution and such land shall cease to be so exempted; (2) The State Government may, by notification in the Official Gazette, exempt from the operation of this Act, any land, if it considers such exemption to be necessary for a public purpose. (3) Where any land exempted by clause (d) or clause (e) ceases to be so exempted the returned referred to in section 10 with respect to the land held in excess of ceiling area shall be filed as soon as it ceases to be so exempted.