Right of society to acquire and dispose of immovable property.

Right of society to acquire and dispose of immovable property. (1) Notwithstanding anything contained in any law for the time being in force, a society shall have power to itself to acquire agricultural land or interest therein, or any immovable property which has been charged or mortgaged to it by a member in respect of any financial assistance availed of by him, provided the said land or interest therein or any other immovable property has been sought to be sold by public auction and no person has offered to purchase it for a price which is sufficient to pay to the society the money due to it: Provided that only such portion of the property shall be sold as may be reasonably sufficient to satisfy the debt and interest thereon. (2) A society which acquires land or interest therein or any other immovable property in exercise of the power vested in it under sub-section (1) may dispose it of by sale within a period to be specified by the Registrar in this behalf. (3) If the society has to lease out any land acquired by it under sub-section (1) pending sale thereof as indicated in sub-section (2), the period of lease shall not exceed one year at a time and the lessee shall not acquire any interest in that property, notwithstanding any provisions to the contrary in any other law for the time being in force. (4) A sale by a society of land or interest therein in terms of this section shall be subject to the provisions of any other law for the time being in force providing for restrictions on purchase of land by non-agriculturists or in excess of ceiling limits or involving fragmentation of land below a specified limit. (5) The provisions of sub-section (6) of section 165 of the Madhya Pradesh Land Revenue Code, 1959 (No.20 of 1959), shall apply for sale of any land or interest therein of a person belonging to an aboriginal tribe to a person not belonging to such tribe. (6) Nothing in the Madhya Pradesh Ceiling on Agricultural Holdings Act, 1960 (No.20 of 1960) shall apply to a society acquiring land under sub-section (1) and holding such land till such time as the society is in a position to sell the land in the manner provided in this section or otherwise, at a price which is adequate to cover its dues.