Amendment status not verified — confirm the current text below against the official source.
(1) Notwithstanding anything contained in any law, for the time being in force, relating to the sale of holdings in execution of decrees for arrears of land revenue, no such sale shall affect the title or interest of any co-operative land development bank, central co-operative bank or the apex housing society which has, in respect of such holding, a registered and notified encumbrance unless a concise statement of the order of attachment and proclamation of sale has, at the time of the isseu of such proclamation, been sent by the Court by registered post to such bank or society, as the case may be. (2) Notwithstanding anything contained in any law for the time being in force, when a mortgage is executed in favour of a co-operative land development bank, central co-operative bank or the apex housing society in respect of any holding, the co-operative land development bank, central co-operative bank or the apex housing society, as the case may be, shall— (a) in such manner as may be prescribed, notify the Collector of the execution of such mortgage; (b) for the purpose of receiving notice of the sale of such holding pay to the Collector such fee in such manner as may be prescribed; and (c) on compliance with the provisions of clauses (a) and (b), be deemed to be a notified mortgagee in respect of such holding. (3) Before the sale is held of any such holding, the Collector shall, by registered post, send a notice thereof to every co-operative land development bank, central co-operative bank or the apex housing society which is, in respect of such holding, a notified mortgagee within the meaning of clause (c) of sub-section (2). (4) Any co-operative land development bank, central co-operative bank or the apex housing society, as the case may be, which is a notified mortgagee within the meaning of clause (c) of sub-section (2) shall be entitled to stay such sale by depositing with the Collector the balance of the arrears of land revenue due in respect of such holding.