Section 22 in The U.P. Sahkari Gram Vikas Banks Act, 1964
22. [ Restriction on mortgagors power to lease or to create other rights in the mortgaged and charged property. [Substituted by U.P. Act No. 3 of 1979.]
- Notwithstanding anything contained in the Transfer of Property Act, 1882, or any other law for the lime being in force no property in respect of which a charge, hypothecation or mortgage has been made in favour of a [Gram Vikas Bank] or the [Uttar Pradesh Gram Vikas Bank] [Substituted by U.P. Act No. 19 of 1994.] shall be sold or otherwise transferred by the person making the charge, hypothecation or mortgage until the entire amount of loan or advance taken by him from the [Gram Vikas Bank] [Substituted by U.P. Act No. 19 of 1994.] or the [Uttar Pradesh Gram Vikas Bank] [Substituted by U.P. Act No. 19 of 1994.] together with interest thereon is paid to the Bank and any transaction made in contravention of this section shall be void:Provided that, if a part of the amount borrowed by a member is paid, the [Uttar Pradesh Gram Vikas Bank] [Substituted by U.P. Act No. 19 of 1994.], or s the case may be, the [Gram Vikas Bank] [Substituted by U.P. Act No. 19 of 1994.] with the approval of the [Uttar Pradesh Gram Vikas Bank] [Substituted by U.P. Act No. 19 of 1994.] may, on application from the member release from the mortgage, charge or hypothecation created or made in favour of the bank, such part of the property or interest therein as it may deem proper with due regard to the security of the balance of the amount remaining outstanding from the member.](2)Any lease granted or rights created in contravention of the provisions of sub-section (1) shall be void.
