GCSA 129 — Restrictions of lease.

Gujarat Co-operative Societies Act, 1961

Statutory text

(1) Notwithstanding anything contained in the Transfer of Property Act, 1882, or any other law for the time being in force, no mortgage of property mortgaged to a [land development bank], shall, except with the prior consent in writing of the bank and subject to such terms and conditions as the bank may impose, lease or create any tenancy rights on any such property :

Provided that the rights of the bank shall be enforceable against the lessee or the tenants, as the case may be, as if he himself was a mortgagor.

(2) Where land mortgaged with possession to a [land development bank], is in actual possession of a tenant, the mortgagor or the mortgagee blank shall give notice to the tenant to pay rent to the bank during the currency of the lease and the mortgage, and on such notice being given, the tenant shall be deemed to have attorned to the bank.

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