(1) Notwithstanding anything contained in any law of the time being in force, a bank shall have power to itself acquire agricultural land or interest therein or any other immovable property which has been charged or mortgaged to it by an agriculturist in respect of any financial assistance availed of by him, provided the said land or interest therein or any other immovable property has been sought to be sold by public auction and no person has offered to purchase it for a price which is sufficient to pay to the bank the money due to it.
(2) A bank which acquires land or interest therein or any other immovable property in exercise of the power vested in it under sub-section (1) shall dispose it of by sale within a period to be specified by the State Government in this behalf.
(3) If the bank has to lease out any land acquired by it under sub-section (1), pending sale thereof as provided for in sub-section (2), the period of lease shall not exceed one year at a time and the lease shall not acquire any interest in that property notwithstanding any provision to the contrary in any law for the time being in force.
(4) A sale by a bank of land or interest therein in term of this section shall be subject to any provision of any law in force which may place restrictions on purchase of land by non-agriculturists or ceiling for acquisition of land or by a person not belonging to a particular tribe or Scheduled Caste or fragmentation of land.