(1) An occupancy shall, subject to the provision contained in section 46 and to any conditions lawfully annexed to the tenure, and save as otherwise provided by law, be deemed an heritable and transferable property.
(2) Notwithstanding anything contained in the foregoing sub-section, occupancies of persons belonging to such Scheduled Castes and Scheduled Tribes as the Government, having regard to the ability of the occupants to cultivate the land personally or any other relevant factors, may by notification in the Official Gazette if any, declare for the purpose of this section for the whole or any part of the 24[State of Goa], shall not be transferred except with the previous sanction of the 25[Government].
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(3) Notwithstanding anything contained in sub- section (1) or in any other provisions of this Code, or in any other law for the time being in force, it shall be lawful for an Occupant — Class II — to mortgage his property in favour of the Government in consideration of a loan advanced to him by the Government under the Land Improvement Loan Act, 1883, the Agriculturists Loans Act, 1884, or in favour of a co-operative society in consideration of a loan advanced to him by such co-operative society, and without prejudice to any other remedy open to the Government, or as the case may be, the co-operative society in the event of such occupant making default in payment of such loan in accordance with the terms on which such loan is granted, it shall be lawful for the Government, or as the case may be, the co-operative society to cause the occupancy to be attached and sold and the proceeds to be applied towards the payment of such loan.
(4) The 26[Government] may, on the application of the purchaser, and payment of the premium prescribed by the Government in this behalf, by order in writing reclassify the occupant—as Occupant—Class I; and on such re-classification, the occupant shall hold the occupancy of the land without any restriction on transfer under this Code.
Explanation 1:— (For the purposes of this section "Scheduled Castes" means such castes, races or tribes or parts of or groups within such castes, races or tribes, as are deemed to be Scheduled Castes in relation to Union territory of Goa, Daman and Diu under article 341 of the Constitution of India.
Explanation 2:— For the purposes of this section, "Scheduled Tribes" means such tribes or tribal communities or parts of, or groups within, such tribes or tribal communities as are deemed to be Scheduled Tribes in relation to the Union territory of Goa, Daman and Diu under article 342 of the Constitution of India.