Officers of the Agriculture and Rural Development Banks and sale officers not to bid at sale

(1) At any sale of movable or immovable property held under the provisions of this Act in order to recover any money due to a Agriculture and Rural Development Bank, no Director, Director, Secretary or other officer of such Bank (except on behalf of the bank of which he is Director, Secretary or officer) and no sale officer or other person having any duty to perform in connection with such sale, shall, either directly or indirectly, bid for or acquire or attempt to acquire any interest in (1) (2) Every person contravening the provisions of the foregoing sub-section (1) shall, on conviction, be punished with fine which may extend to five hundred rupees. (3) No prosecution under this section shall be lodged, except with the previous sanction of Registrar.