Restrictions on creation tenancy by an agriculturist borrower.

Finance197625 sections

Statutory text

(1) Notwithstanding anything contained in any law for the time being in force, an agriculturist who has availed himself of financial assistance from a bank by creating a charge or mortgage on land or interest therein shall not, so long as the financial assistance continues to be outstanding, lease or create any interest therein without prior permission in writing of the bank , if he had not already leased or created tenancy rights thereon at the time of availing of the financial assistance from the bank.
(2) Any lease granted or interest created in contravention of this section shall be void.

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