Section 18(3) in U.P. Urban Planning and Development Act, 1973
(3)[ Notwithstanding, anything contained in Sub-section (2), the Authority or the local Authority concerned may create a mortgage or charge over such land (including any building thereon) in favour of the Life Insurance Corporation of India. the Housing and Urban Development Corporation, or a banking company as defined in the Uttar Pradesh Public Moneys (Recovery of Dues) Act, 1972 or any other financial institution approved by general or special order in this behalf by the State Government.] [Inserted by section-5(ii) of amendment act-1976 (Act No.-19 of 1976) effective from 03.10.1975]
