Restrictions on creation of tenancy by agriculturist borrower

(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 out or create any tenancy rights on such land or interest without prior permission in writing of the bank. (2) Any lease granted or tenancy rights created in contravention of this section shall be void.