Restriction or lease and transfer

Corporate1989184 sections

Statutory text

(1) Notwithstanding anything contained in 1[the Transfer of Property Act, 1882 (4 of 1882)], or any other law for the time being in force, no mortgage or property mortgaged to a State Agriculture and Rural Development Bank or to an Agriculture and Rural Development Bank, shall except with the prior consent in writing of the Bank, and subject to such terms and conditions as the Bank may impose, lease or create any tenancy rights on any such property : Provided that, the rights of the State Agriculture and Rural Development Bank and the Agriculture and Rural Development Bank shall be enforceable against the tenant, purchaser, the lessee of the tenant, as the case may be, as if he himself were a mortgagor.
(2) No land or other movable or immovable property or any movable property or movable assets to be acquired with the loan or advance and no part thereof or of the interest in such land or movable or immovable property shall, without the consent of the Agriculture and Rural Development Bank, be sold or otherwise transferred until the entire amount of the loan or advance taken by the member from the Primary Bank, together with interest thereon has been paid to the Bank, and any transaction made in contravention of this subsection shall be null and void.

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