Section 135 of The Gujarat Co-Operative Societies Act, 1961 — Right of mortgage bank to buy mortgaged property

Right of mortgage bank to buy mortgaged property. (1) Notwithstanding anything contained in any law of for the time being in force, it shall be lawful for a land development Ban to purchase any mortgaged property sold under this Chapter and the property so purchase may be disposed of by such bank by sale within such period as may be fixed by the Trustee subject to the condition that such sales shall be in favour only of a agriculturist eligible to hold land under the Bombay Tenancy and Agricultural Lands Act, 1948, 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 in any law for the time being in force fixing a maximum limit of agricultural holding, shall apply to the acquisition of land by a land development bank under this section.