Restrictions on lease.

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Chapter XI AGRICULTURE AND RURAL DEVELOPMENT BANKS

Statutory text

(1) Notwithstanding anything contained in the Transfer of Property Act, 1882 (IV of 1882) or any other law for the time being in force, no mortgagor of property mortgaged 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 or any such property: Provided that, the rights of an Agriculture and Rural Development Bank shall be enforceable against the tenant purchaser, the lessee or the tenant, as the case may be, as if he himself were a mortgagor.
(2) Where land, mortgaged with possession to an Agriculture and Rural Development Bank, is in actual possession of a tenant, the mortgagor or an Agriculture and Rural Development Bank shall give notice to the tenant to pay rent to an Agriculture and Rural Development Bank during the currency of the lease and the mortgagee, and on such notice being given, the tenant shall be deemed to have adorned to the an Agriculture and Rural Development Bank.

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