(1) Notwithstanding anything contained in any law for 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 moneys 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 subsection (1), pending sale thereof as indicated 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 provisions to the contrary in any other law for the time being in force.
(4) A sale by a bank of land or interest therein in terms of this section shall be subject to any provisions of any law in force which may place restriction on purchase of land by non-belonging to a particualr tribe or scheduled caste or fragmentation of land.
15. Nothing in any law for the time being in force placing a ceiling or limit on the holding of land shall apply to a bank acquiring land in terms of section 14 and holding such land till such time the bank is in a position to sell the land in the manner provided in section 14 or otherwise, at a price which is adequate to cover its dues.
CHAPTER V Financing of co-operative societies by banks
16. Notwithstanding anything contained in the Tripura Co-operative Societies Act, 1974, or any law for the time being in force, it shall be lawful for a bank to become a member of a co-operative society.
17. Notwithstanding anything contained in the Tripura Co-operative Societies Act, 1974, it shall be lawful for any co-operative society to borrow from a bank.
Right of a bank to acquire and dispose of immovable property.
Exemption to banks from restrictions on acquisition of land in excess of ceiling.
Bank eligible to become member of a co-operative society.
Powers of cooperative societies to borrow from banks.
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