Section 12 in The M.P. Krishi Udhar Pravartan Tatha Prakiran Upabandha (Bank) Adhiniyam, 1972
12. Right of bank to acquire and dispose of immovable property.
(1)Notwithstanding anything contained in any law for the time being in force, a bank shall have power to itself acquire agricultural land or interest therein or any other immovable property which has been charged or mortgaged to it y an agriculturist in respect of any financial assistance availed of by him, provided the said land or interest therein or any other immovable property has been sought to be sold by public auction and no person has offered to purchase it for a price which is sufficient to pay to the bank the moneys due to it.(2)A bank which acquires land or interest therein or other immovable property in exercise of the power vested in it under sub-section (1) shall dispose it of by sale, within a period to be specified by the State Government in this behalf.(3)If the bank has to lease out any land acquired by it under sub-section (1) pending sale thereof as prescribed in sub-section (2), the period of lease shall not exceed one year at a time and the lessee shall not require any interest in that property, notwithstanding any provisions to the contrary in any other law for the time being in force.(4)A sale by a bank of land or interest therein or any other immovable property in terms of this section shall be subject to the provisions of any other law for the time being in force providing for restrictions on purchase of land by non-agriculturists or in excess of ceiling limit or involving fragmentation of land below a specified limit.(5)Nothing in this section shall be construed to empower the bank to sell any land or interest therein of a person belonging to a tribe which has been declared to be an aboriginal tribe by the State Government by notification under sub-section (6) of Section 165 of the Madhya Pradesh Land Revenue Code, 1959 (No. 20 of 1959), to a person not belonging to such tribe.
