Restriction on creation of tenancy by an agriculturist borrower

(1) Notwithstanding anything contained in any law for the time being in force, an agriculturist who has availed himself of financial assistance from a bank by creating a charge or mortgage on land or interest therein shall not, so long as the financial assistance continue to be outstanding, lease or create any tenancy rights in such land or interest therein without prior permission in writing of the bank if he has not already leased or created tenancy rights therein at the time of availing of the financial assistance from the bank. (2) Any lease granted or tenancy right created in contravention of this section shall be void.