Section 86 in The Orissa Co-operative Societies Act, 1962
86. Right of [Co-operative Agricultural and Rural Development Bank] [Substituted by Orissa Act No. 23 of 1994 Section 5.] or the [State Co-operative Agricultural and Rural Development Bank] [Substituted by Orissa Act No. 23 of 1994 Section 5.] to purchase mortgaged property.
(1)Notwithstanding anything contained in any law for the time being in force, it shall be lawful for a [Co-operative Agricultural and Rural Development Bank] [Substituted by Orissa Act 23 of 1994, Section 5.] or the [State Co-operative Agricultural and Rural Development Bank] [Substituted by Orissa Act 23 of 1994, Section 5.] to purchase any mortgaged property sold under this Chapter, 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 the Orissa Land Reforms Act, 1960 Orissa Act 16 of 1960 fixing a maximum limit of agricultural holding shall apply to the acquisition of land by a [Co-operative Agricultural and Rural Development Bank] [Substituted by Orissa Act 23 of 1994, Section 5.] or the [State Co-operative Agricultural and Rural Development Bank] [Substituted by Orissa Act 23 of 1994, Section 5.] under Sub-. Section (1).
