Notwithstanding anything contained in any law—
(a) a prospective owner of land eligible by or under this Act to acquire ownership rights in land under his personal cultivation shall continue to have all rights and be subject to all liabilities (including the payment to the [Union territory of Jammu and Kashmir] of the rent which was payable by him to the ex-landlord before the commencement of the Jammu and Kashmir Agrarian Reforms Act, 1972) as a tenant under the Jammu and Kashmir Tenancy Act. 1980, until he is vested with ownership rights in such land :
Provided that he shall be governed by the rules of succession applicable to occupancy tenants until he becomes owner of such land ;
(b) no prospective owner of land shall, [save as otherwise provided in the proviso to clause (a) or in this clause] transfer his rights in such land by sale, gift, exchange, mortgage, will or by any other means whatsoever, and any transfer of such rights made after the first day of May, 1973 shall be null and void and such rights shall vest in the [Union territory of Jammu and Kashmir] and such prospective owner and his transferee shall, after being given an opportunity of being heard be dispossessed of such land by a Revenue Officer [x x x x] :
[Provided that a prospective owner shall have the right to transfer land in the form of simple mortgage subject to the provisions of the Alienation of Land Act, for securing loan to liquidate the amount of levy payable by him under this Act ; and]
(c) no document purporting to effect transfer by a prospective owner of his rights in land shall be admitted to registration,
[except in respect of transfers effected under the proviso to clause (b) of this section.]