Section 129 in The Gujarat Co-Operative Societies Act, 1961
129. Restrictions on lease.
(1)Notwithstanding anything contained in the Transfer of Property Act, 1882 (V of 1882), or any other law for the time being in force, no mortgage of property mortgaged to a [Land Development Bank] [Substituted for the words 'Land Mortgage Bank' by Gujarat 24 of 1964], shall, except with the prior consent in writing of the bank and subject to such terms and conditions as the bank may impose, lease or create any tenancy rights on any such property :Provided that, the rights of the bank shall be enforceable against the lessee or the tenants, as the case may be, as if he himself was a mortgagor.(2)Where land mortgaged with possession to a [Land Development Bank] [Substituted for the words 'Land Mortgage Bank' by Gujarat 24 of 1964], is in actual possession of a tenant, he mortgagor or the mortgagee bank shall give notice to the tenant to pay rent to the bank during the currency of the lease and the mortgage, and on such notice being given, the tenant shall be deemed to have attorned to the bank.
