Section 14 in Rajasthan Agricultural Credit Operations (Removal of Difficulties) Act, 1974
14. Right of bank to acquire and dispose of immovable property.
(1) Notwithstanding anything contained in any law of the time being in force, a bank shall have power to itself acquire agricultural land or interest therein or any other immovable property which has been charged or mortgaged to it by an agriculturist 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 purchase if for a price which is sufficient to pay to the bank the money due to it.(2)A bank which acquires land or interest therein or any other immovable property in exercise of the power vested in it under sub-section (1) shall disposed it of by sale, within a period to be specified by the State Government in this behalf.(3)if the bank has to lease out any land acquired by it under sub-section (1) pending sale thereof as indicated in sub-section (2), the period of lease shall not exceed one year at a time and the leases shall not acquire any interest in that property notwithstanding any provisions to the contrary in any other law for the time being in force.(4)A sale by a bank of land or interest therein in terms of sub-section (2) shall be in favour of persons as may be prescribed by the State Government under section 30 of this Act and shall be subject to any provisions of any law in force which may place restriction on purchase of land by non agriculturists or selling for acquisition of land or by a person not belonging to a Scheduled Caste or Scheduled Tribe or fragmentation of land.
