(1) Notwithstanding anything contained in the Transfer of Property Act, 1882 (4 of 1882), or any other law for the time
1. Substituted for the word "mortgage" vide H.P. Act No 16 of 1987, effective from 16th November, 1987.
2. Substituted for the words "Land Development Bank" vide H.P. Act No. 16 of 1987, effective from 16th November, 1987.
3. Substituted for the words "Land Development Bank" vide H.P. Act No. 16 of 1987, effective from 16th November, 1987.
4. Sub-section (2) inserted vide H.P. Act No 16 of 1987, effective from 16th November, 1987.
5. Section 18 omitted vide H.P. Act No 16 of 1987, effective from 16th November,
1987.
6. Substituted for the word "mortgage" vide H.P. Act No 16 of 1987, effective from 16th November, 1987.
7. Substituted for the words "Land Development Bank" vide H.P. Act No 16 of 1987, effective from 16th November, 1987.
8. Substituted for the word "mortgage" vide H.P. Act No 16 of 1987, effective from 16th November, 1987.
9. Substituted for the words "Land Development Bank" vide H.P. Act No 16 of 1987, effective from 16th November, 1987.
10. Substituted for the words "mortgaged" vide H.P. Act No. 16 of 1987, effective from 16th November, 1987.
18 THE HIMACHAL PRADESH CO-OPERATIVE AGRICULTURE AND RURAL DEVELOPMENT BANKS ACT, 1979 being in force, no mortgagor of property mortgaged to an 1[Agriculture and Rural Development Bank] shall except with the prior consent in writing of the Bank and subject to such terms and conditions as the Bank may impose, lease or create any tenancy rights on any such property:
Provided that, if the lease is given or the tenancy is created with the prior consent of the Bank, the rights of the Bank shall also be enforceable against the purchaser, the lessee or the tenant, as the case may be, as if he himself were a mortgagor.
(2) Where land, mortgaged with possession to 2[Agriculture and Rural Rural Development Bank] is in actual possession of tenant, the mortgagor or the 3[Agriculture and Rural Development Bank] shall give notice to the tenant tenant to pay rent to the 4[Agriculture and Rural Development Bank] during the currency of the lease and the mortgage and on such notice being given, the tenant shall be deemed to have attorned to the 5[Agriculture and Rural Development Bank].