section 41
Restriction on power to Encumber or transfer the property offered as security
The Madhya Pradesh Sahakari Krishi Aur Gramin Vikas Bank Adhiniyam, 1999Finance199963 sections
Statutory text
- (1) Notwithstanding anything contained in the Transfer of Property Act, 1882 (4 of 1882) or any other enactment for the time being in force no property offered as security shall be encumbered otherwise or transferred thereafter. (2) Provisions of Madhya Pradesh Land Revenue Code, 1959 (20 of 1959) shall apply on property offered as security under this Act. (3) Notwithstanding anything contained in any law for the time being in force security submitted as guarantee in favour of State Development Bank or District Development Bank shall not be attached in execution of decree of any court.
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