Section 102 in The Maharashtra Cooperative Societies Rules, 1961
102. Sale of immovable property purchase by a [Co-operative Agriculture and Rural Multipurpose Development Bank] [Substituted 'Land Development Bank' by Notification No. CSL-2014/697/C.R.04/13C, dated 30.8.2014 (w.e.f. 23.12.1961).].
(1)The Land Development Bank or the [State Co-operative Agriculture and Rural Multipurpose Development Bank] [Substituted 'State Land Development Bank' by Notification No. CSL-2014/697/C.R.04/13C, dated 30.8.2014 (w.e.f. 23.12.1961).], which has purchased any immovable property sold under Chapter XI of the Act shall, unless otherwise directed by the Trustee, use its best endeavour to sell the property as early as possible to the best advantage of the Bank. The sale shall be effected by public auction within a period of six months from the date of purchase or within such further period as may be permitted by the Trustee.(2)The date and the place of such public auction shall previously be notified not less than thirty days by -(a)advertising the sale of property with full details in one or more local newspapers;(b)proclamation of sale by beat of drum in the village where the property is situated;(c)publication of sale notice at-(i)the village chavdi;(ii)the office of the Mamlatdar, Tahsildar or Mahalkari concerned;(iii)the office of the Land Development Bank;(iv)the principal office of the Deputy Registrar in the District.The sale shall be subject to confirmation by the Registrar.
