Amendment status not verified — confirm the current text below against the official source.
(1) Notwihtstanding anything contained in any law for the time be- ing in force, an agricualturist who has availed himself of financial assistance from a bank by creating of charge or mortgage on land or interest therein, shall not, so long as the financial assistance continues to be outstanding , lease or create any tenancy rights on such land or interest therein without prior permission in writing of the bank if he has not already leased or created tenancy rights thereon at the time of availing of the financial assiatance from the bank. (2) Any lease granted or tenancy rights created in contravention of this section shall be void. Registra- tion of ch- arge and mortgage in favour of banks. Noting of charge or mortgage created in favour of a bank in the R e c o r d - of-rights. R e s t r i c - tions on creation of tenaney by an agricul- turist bor- rower. 7 CHAPTER IV Arrangement for recovery of the dues by banks.