Borrowing of tenant from the State Bank

(1) Notwithstanding anything contained in the Transfer of Property Act, 1882, or any other law for the time being in force :-

(a) it shall be lawful for a tenant to mortgage the occupancy holding which he intends to acquire under the provisions of this Chapter in order to borrow money from the State Bank, or a Co-operative Society registered under the Bombay Co-operative Societies Act, 1925 (Bom. VII of 1925) as adapted and applied to the Saurashtra area of the State of Gujarat;

(b) such mortgage shall be deemed to be lawful and subsisting after the occupancy is acquired.

(2) The money so advanced shall be recoverable in the same manner as an arrear of land revenue.