Amendment status not verified — confirm the current text below against the official source.
Notwithstanding anything contained in any other law for the time being in force— (1) the mortgagor of property mortgaged to a co-operative land development bank shall not be entitled, after the execution of the mortgage and without concurrence of the bank,— (a) to transfer or mortgage his equity of redemption, or (b) to create a charge upon such property for a period exceeding five years; (2) the co-operative land development bank shall not be entitled to give its concurrence under clause (1) without the previous sanction of the central co-operative land development bank or the financing bank to which any sum is payable by it; and (3) the central co-operative land development bank or the financing bank shall, if it accords its sanction under clause (2), send an intimation thereof to the Trustee, if any, appointed under section 34. Restriction on mortgagor's transfer of, or charge on, equity of redemption.