[43. Restriction on transfer of land purchased or sold under this Act.- (1) No land purchased by a tenant under section 32, 32F, [32I, 32O, [33C or 43-ID] ] or sold to any person under section 32P or 64 shall be transferred by sale, gift, exchange, mortgage, lease or assignment * * * without the previous sanction of the Collector, [Such sanction shall be given by the Collector in such circumstances, and subject to such conditions, as may be prescribed by the State Government :
Provided that, no such sanction shall be necessary where the land is to be mortgaged in favour of Government or a society registered or deemed to be registered under the Bombay Co-operative Societies Act, 1925 (Bom. VII of 1925), for raising a loan for effecting any improvement of such land] :
[Provided further that, no such previous sanction shall be necessary for the sale, gift, exchange, mortgage, lease or assignment of the land in respect of which ten years have elapsed from the date of purchase or sale of land under the sections mentioned in this sub-section, subject to the conditions that,-
(a) before selling the land, the seller shall pay a nazarana equal to forty times the assessment of the land revenue to the Government;
(b) the purchaser shall be an agriculturist;
(c) the purchaser shall not hold the land in excess of the ceiling area permissible under the Maharashtra Agricultural Lands (Ceiling on Holdings) Act, 1961(Mah. XXVII of 1961); and
(d) the provisions of the Bombay Prevention of Fragmention and Consolidation of Holdings Act, 1947 (Bom. LXII of 1947) shall not be violated.
(2) Any transfer * * * * of land in contravention of sub-section (1) shall be invalid].