Right of Uttarakhand State co-operative Bank to purchase mortgaged property

(1) Notwithstanding anything contained in any law for the time being in force, it shall be lawful for Uttarakhand State co-operative Bank to purchase any property sold under this Act and the property so purchased shall be disposed of by such bank by sale within such period as may be fixed by the Trustee. (2) Nothing in any other law for the time being in force, fixing a maximum limit of agricultural holding shall apply to the acquisition of land or other immovable property by Uttarakhand State co-operative Bank under sub-section (1). (3) If the bank has to lease out any land acquired by it under sub-section (1) pending sales thereof the period of lease shall not exceed one year at a time and the lessee shall not acquire any other interest in that property, notwithstanding any provisions to the contrary in any other law for the time being in force.