Section 41 in The U.P. Agricultural Credit Rules, 1975
41. Disposal of property by bank : Sections 12-A and 25.
(1)Where a bank acquires any land or any interest therein or any other immovable property under Section 12-A, it shall dispose it of by a registered sale-deed in favour of an agriculturist within a period of one year from the date of such acquisition.(2)A bank desirous of transferring the property referred to in sub-rule (1) after the expiry of the period referred to in the said sub-rule, shall have to obtain prior approval of the State Government, in the Revenue Department.(3)Every application for permission to transfer a property under sub-rule (2) shall be sent to the Secretary to the Government of Uttar Pradesh in the Revenue Department, Council House, Lucknow, and if no reply is received within six months from the date of receipt of such application by the Government the application for permission shall be. deemed to have been granted.
