Power of Central Government to declare New Mandi Townships and to transfer land and building therein

(1) The Central Government may, from time to time, by notification in the official gazette, declare any area to be a new mandi township for the purposes of this Act to be known by such name as may be specified in the notification. (2) The Central Government may sell, lease or otherwise transfer, by auction, allotment or otherwise, any land or building belonging to or vested in the Central Government in any new mandi township on such terms and conditions as it may, subject to any rules that may be made under this Act, deem fit to impose. (3) Any amount due to the Central Government on account of the sale, lease or transfer of any site or building under sub-section (2) shall be a first charge on that site or building, and, notwithstanding anything contained in any other law for the time being in force, no transferee shall be entitled to sell, mortgage or otherwise transfer any right title or interest in the site or building transferred to him under sub-section (2) except by way of a lease from month to month until the amount mentioned as first charge under this sub-section has been paid in full.