Section 12A. Right of a bank to acquire and dispose of immovable property

(1) Notwithstanding anything contained in any law for the time being in force, but subject to the provisions of sub-section (2), a bank shall have power to itself acquire any 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 granted to him./be (2) Where a bank acquires any land or interest therein or any other immovable property under sub-section (1). It shall dispose of such land, interest or property by sale in favour of an agriculturist within a time to be prescribed, notwithstanding anything contained in any law for the time being in force. (3) If the bank has to lease out any land acquired by it under sub-section (1), pending sale thereof as indicated in sub-section (2), the period of lease shall not exceed one year at a time, and the lessee shall not acquire any interest in that property notwithstanding any provisions to the contrary in any other law for the time being in force.