Section 11 in The U.P. Sahkari Gram Vikas Banks Act, 1964
11. Right or [Gram Vikas Bank] [Substituted by U.P. Act No. 19 of 1994.] or of the [Uttar Pradesh Gram Vikas Bank] [Substituted by U.P. Act No. 19 of 1994.] to purchase mortgaged property.
- [(1) Notwithstanding anything contained in any law for the time being in force it shall be lawful for a [Gram Vikas Bank] [Inserted by U.P. Act No. 3, 1979.] or the [Uttar Pradesh Gram Vikas Bank] [Substituted by U.P. Act No. 19 of 1994.] 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 Section 154 of the U.P. Zamindari Abolition and Land Reforms Act, 1950, or in any other law for the time being in force, fixing a maximum limit of agricultural holding [or other immovable property] [Inserted by U.P. Act No. 16 of 1989., vide Section 8.] shall apply to the acquisition of land [or other immovable property] [Inserted by U.P. Act No. 16 of 1989., vide Section 8.] by a [Gram Vikas Bank] [Substituted by U.P. Act 19 of 1994.] or the [Uttar Pradesh Gram Vikas Bank] [Substituted by U.P. Act No. 19 of 1994.] under sub-section (1).[(2-A) If the bank has to lease out any land acquired by it under sub-section (1) pending sale 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 of the time being in force] [Inserted by U.P. Act No 27 of 1978.].
