Section 9B(3) in The U.P. Basic Education Provident Fund Rules, 1975
(3)A subscriber who has been permitted under sub-clauses (i), (ii) or (iii) of clause (c) of sub-rule (1) of Rule 9-A to withdraw money from the amount standing to his credit in the Fund shall not part with the possession of the house built or acquired or house site purchased with the money so withdrawn, whether by way of sale, mortgage (other than mortgage to the Governor), gift, exchange or otherwise, without the previous permission of the Governor :Provided that such permission shall not be necessary for -(i)the house or house site being leased for any term not exceeding three years; or(ii)its being mortgaged in favour of a Housing Board, Development Authority, Local Body, Nationalised Bank, the life Insurance Corporation or any other corporation owned or controlled by the Central or the State Government which advances loans for the construction of a new house or for making additions or alterations to an existing house.]
