Section 40(1) in The Orissa Land Reforms Act, 1960
(1)Except where he is permitted in writing by the Revenue Officer so to do, no person holding land in excess of the ceiling area shall, after the commencement of the Orissa Land Reforms (Amendment) Act, 1973, (President's Act 17 of 1973), transfer by sale, gift or otherwise or effect any partition of such land or any part thereof until the surplus land, which is to vest in the Government under Section 45, has been determined and taken possession of by or on behalf of the Government and all transfers made and partitions effected in contravention of this subsection shall be void :Provided that nothing contained in this sub-section shall apply to -(a)any transfer by way of mortgage executed in favour of -(i)the Central Government or any State Government;(ii)any public financial institution;(iii)any Bank to which the Orissa Co-operative Societies Act, 1962 (2 of 1963) applies;(iv)any corporation established by law which is owned, controlled or managed by the Central Government or by a State Government;(v)any company in which not less than fifty-one per cent of the paid-up share capital is held by the Central Government or by any one or more State Government;(b)any sale of land in execution of a decree or order or an award for the realisation of money due under any such mortgage.
