Section 41A(1) in The M.P. Co-Operative Societies Act, 1960
(1)Notwithstanding anything contained in any law for the time being in force, a society shall have power to itself to acquire agricultural land or interest therein, or any immovable property which has been charged or mortgaged to it by a member in respect of any financial assistance availed of by him, provided the said land or interest therein or any other immovable property has been sought to be sold by public auction and no person has offered to purchase it for a price which is sufficient to pay to the society the money due to it :Provided that only such portion of the property shall be sold as may be reasonably sufficient to satisfy the [debt and interest thereon].
