(1) Notwithstanding anything contained in any law for 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 mortgaged to it or in respect of which a charge has been created in its favour by an agriculturist for securing any financial assistance, 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 Bank the money due to it.
(2) A bank which acquires land or interest therein or any immovable property in exercise of the power vested in it under sub-section (1) shall dispose it of by sale, within a period to be specified by the State Government through notification in this behalf:
Provided that the State Government may, on an application by a bank extend the period notified.
(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 lessee 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 this section shall be subject to any provisions of any law in force which placed restrictions on purchase of land by non-agriculturist or by a person not belonging to a particular tribe or on the ground of ceiling for acquisition of land or fragmentation of land.