Amendment status not verified — confirm the current text below against the official source.
11. Right of 1 [Gram Vikas Bank] or of the 1 [Uttar Pradesh Gram Vikas Bank] to purchase mortgaged property. - 4 [(1) Notwithstanding anything contained in any law for the time being in force it shall be lawful for a 1 [Gram Vikas Bank] or the 1 [Uttar Pradesh Gram Vikas Bank] to purchase any property sold under this Act and the property so purchased shall be disposed of by such Bank by sale within such period as may be fixed by the Trustee]. (2) Nothing in Section 154 of the U.P. Zamindari Abolition and Land Reforms Act, 1950, or in any other law for the time being in force, fixing a maximum limit of agricultural holding 5 [or other immovable property] shall apply to the acquisition of land 5 [or other immovable property] by a 1 [Gram Vikas Bank] or the 1 [Uttar Pradesh Gram Vikas Bank] under sub- section (1). 6 [(2-A) If the bank has to lease out any land acquired by it under sub-section (1) pending sale thereof, the period of lease shall not exceed one year at a time and the lessee shall not acquire any other interest in that property notwithstanding any provisions to the contrary in any other law of the time being in force].