Amendment status not verified — confirm the current text below against the official source.
(1) Notwithstanding anything contained in any law for the time be- ing in force, a bank shall have power to itself acquire agricultural land or interest therein or any other immovable property which has been charged or mortgaged to it by an agriculturist in respect of any financial assistance availed of by him, provided the said land or interest therein or any other immovable property has been sought to be sold by public auction and no person has offered to purchase it for a price which is sufficient to pay to the bank mon- eys due to it. (2) A bank which acquires land or interest therein or any other im- movable property in exercise of the power vested in it under sub-section (1) shall dispose it of by sale, within a period to be specified by the State Gov- ernment in this behalf. (3) If the bank has to lease out any land acquired by it under sub- section (1), pending sale thereof as indicated in sub-section (2) the period of lease shall not exceed one year at a time and the lease shall not acquire any interest in that property notwithstanding any provisions to the contrary in any other law for the time being in force. (4) A sale by a bank of land or interest therein in terms of this sec- tion shall be subject to any provisions of any law in force which may place restriction on purchase of land by non-belonging to a particualr tribe or sched- uled caste or fragmentation of land.