Restrictions on the sale or tranfer of immovable property.

(4) Where any office bearer of the Governing Body indulge in violation of the provisions contained in sub-sections (1), (2) and (3) above, the District Registrar shall be competent to take any or all of the following actions,- (i) where the amount of consideration is not deposited in the account of the Society within three working days, direct such office bearer to pay interest out of his own pocket at the rate of twenty four percent for the period it remained in his possession but such period shall in no case be more than thirty days; (ii) where the immoveable asset has been sold or transferred at an undervalued price, recover the difference assessed on the basis of Collector rates from the erring office bearer and deposit the same in the Society’s account; (iii) where the immoveable asset has been disposed of without the permission as required under sub-section (1) or without complying with the conditions applicable, recover the amount, alongwith any additional amount as assessed on the basis of Collector rates, from the concerned office bearer and deposit the same with the allotting authority;