(1) Property purchased under section 133 {3), by, and property transferred under section 100 to, the Land Development Banks may be disposed of by such banks by sale within such period as may be fixed by the Trustee, subject to the condition that such sales shall be in faVonr only of agriculturists eligible to hold land under the Manipur Land Revenue and Land Reforms Act, 1950 or any corresponding law for the time being in force, or may be leased out by them on such terms and conditions as may be laid down by the State Government from time to time.
(2) Nothing contained in any law for the time being in force fixing maximum limit of agricultural holding shall apply to the acqui.
sition or holding of land by the Land Development Banks under this section.
C l 0 ( Land Deve Iopment Bank to receive money and give discharge.
Power of Land Development Bank where mortgaged property is destroyed or security becomes insu fficient Right of Deveiopment Bank to buy mortgaged property.
r.-06 Recovery of.
loans by Development Banks.
Power of diltuint.
Sale of mortgaged proparty.
‘ 131. A11 loans granted by the the Land Development Banks, e11 1nterests(ifa.ny) chargeable thereon and costs (if any), incurred in making the same, shall, When they become due, be recoverable by the Land Development Bank concerned.