Amendment status not verified — confirm the current text below against the official source.
(1) The bank or the Co-operative society, as the case may be, shall be competent to purchase any Mortgaged property sold under this chapter, but such property shall be disposed of by such bank or the Co-operative society, as the case may be, by sale within one year from the date of purchase or where a trustee has been appointed, the bank or the Co-operative society, as the case may be, shall dispose of the property by public auction unless otherwise directed by the trustee, on the date not later than one year from the date of purchase. (2) The sale shall be advertised at least a month before the date of sale by— (a) describing the property with full details in the local newspaper; (b) proclamation by beat of drum in the locality where it is situate and (c) publication of the sale notice in the office of— (i) block level and land reforms officer of the area concerned; (ii) the collector of the district; (iii) the block development officer if the area concerned; and (iv) panchayat or municipality of the area in which the property is situate. (3) The provisions of sections 14M and 14Q of the West Bengal Land Reforms Act, 1955 shall not apply to land acquired by the bank or Co-operative society as the raiyat by virtue of purchase under sub-section (1). Application of the proceeds of distrain and sale. Power to bring mortgaged property to sale and deliver possession in respect of property sold without intervention of court. Right to purchase and sell under this Chapter. 4 of 1882. West Ben. Act X of 1956. 72 THE KOLKATA GAZE11E, EXTRAORDINARY, MAY 25, 2010 [PART III The West Bengal Co-operative Societies Act, 2006. (Chapter X111.—Special provision for Co-operative agriculture and rural development bank, Central Co-operative bank, primary credit Co-operative society and apex housing society.—Sections 124-129.)