Section 130 in The Manipur Co-operative Societies Act, 1976
130. Right of land development bank to buy mortgaged property.
(1)Property purchased under Section 122 (3) by, and properly transferred under Section 100 to the land development banks may be disposed of by such banks by sale within such period as may be fixed by the Trustee, subject to the condition that such sale shall be in favour only of agriculturists eligible to hold land under the Manipur Land Revenue and Land Reforms Act, 1950 or any corresponding law for the time being in force, or may be leased out by them on such terms and conditions as may be laid down by the State Government from time to time.(2)Nothing contained in any law, for the time being in force fixing the maximum limit of agricultural holdings shall apply to the acquisition or holding of land by the land development banks under this section.
