Section 27(3) in Bihar Land Reforms (Fixation of Ceiling Area and Acquisition of Surplus Land) Act, 1961
(3)[ The land settled by the Collector under sub-section (1) shall be heritable but shall not be transferable:Provided that the settlee may enter into a simple mortgage in respect of the land with a society or bank registered or deemed to be registered under the Bihar and Orissa Co-operative Societies Act, 1935 (B & O Act VI of 1935) or with the State Bank of India or a bank specified in Column 2 of the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (Act 5 of 1970) or with a Company or a Corporation owned by or in which not less than fifty-one percent of share capital is held by the State Government or the Central Government or partly by the State Government and partly by the Central Government, for raising loan for agricultural purposes.] [Sub-section (3) omitted and sub-section (4) re-numbered as sub-section (3) by Act 55 of 1982.]
