(2) Nothing in this Regulation shall apply to any transfer of vacant land by or in favour of—
(a) the Government of the Union territory of Pondicherry, or a State Government or the Central Government or a local authority;
(b) a Government Company as denned in section 617 of the Compaines Act, 1956;
(c) a corporation established by or under a Central, Provincial or State Act, which is controlled or managed by the Government of the Union territory of Pondicherry or a State Government or the Central Government;
(d) such co-operative house building societies established for the purpose of providing housing accommodation to weaker sections of the people, as may be approved by the Government in this behalf:
Provided that in giving such approval, the Government shall have regard to the income of the members of such societies or their social backwardness or such other considerations:
1 of 1058.
Regulation not to apply in certain cases.
10 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—
Provided further that, in giving such approval, the Government may impose such conditions as to the alteration in the constitution of the society or in the number of its members, the nature of construction of houses by the society, the area of the land to be obtained and used by the society or its members and such other matters as it may think fit to impose:
Provided also that if at any time the Government is satisfied that the approval accorded to any society has not served the purpose for which it was accorded, it may withdraw such approval, after giving an opportunity to the society, for making a representation against the proposed withdrawal:
(e) a bank.
(2) Notwithstanding anything contained in sub-section (2) of section 3, nothing in this Regulation shall apply to the disposition by sale or other transfer of vacant land directed to be made in execution of a decree or an order of a civil court relating to the recovery of any amount due to the Government or any local authority or bank or in enforcement of, any order made or any process employed by any officer or authority under any law for the time being in force for the recovery of such amount.
Explanation.—In this section, a "bank" means—
(i) a banking company as defined in section 5 of the Banking Regulation Act, 1949; 10 of 1949.
(ii) the State Bank of India constituted under the State Bank of India Act, 1955; 28 of 1955.
(in) a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959; 38 of 1959.
(iv) a corresponding new bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970; and 5 of 1970.
(v) any other financial institution notified by the Government as a bank for the purpose of this Regulation.