Amendment status not verified — confirm the current text below against the official source.
At any sale of movable or immovable property, held under the provisions of this Chapter, no officer or employee of a co-operative land development bank, except on behalf of the bank of which he is an officer or an employee, and no person having any duty to perform in connection with such sale, shall either directly or indirectly bid for, or acquire or attempt to acquire any interest in, such property. 140 (1) It shall be competent for the Government to constitute one or more Guarantee Funds on such terms and conditions as it may deem fit, for the purpose of meeting losses that might arise as a result of loans being made by the co-operative land development bank on titles to immovable property subsequently found to be defective or Recovery of loans on certificate by Registrar Mode of recovery by collector Officers of Banks not to bid at sales. Provision for guarantee funds to meet certain cases 71 for any other purpose under this Chapter, for which in the opinion of the Government, it is necessary to provide for or create a separate Guarantee Fund. (2) Co-operative land development bank shall contribute to such funds and at such rate as may be prescribed, and the constitution, maintenance and utilisation of such funds shall be governed by such rules as may be made by the Government in this behalf.