Amendment status not verified — confirm the current text below against the official source.
(1) A co-operative land development bank or a central co- operative land development bank or a central co-operative bank or an apex housing society or a co-operative housing society shall be competent to purchase any mortgaged property sold under this Chapter but such property shall be disposed of by such co-operative land development bank or central co-operative bank or apex housing society or a co- operative housing society, as the case may be, by sale within the prescribed period or, where a Trustee has been appointed, within such period as the Trustee may specify in accordance with the rules. (2) The provisions of sections 14M and 14Q of the West Bengal Land Reforms Act, 1955 shall not apply to land acquired by a co- operative land development bank or central co-operative land development bank or central co-operative bank or apex housing society as the raiyat by virtue of purchase under sub-section (1).