State Act

The Maharashtra Co-operative Societies Act, 1960

127. Restrictions on lease.— (1) Notwithstanding anything contained in the Transfer of Property Act, 1882 (IV of 1882) or any other law for the time being in force, no mortgagor or property mortgaged to 10[a Co-operative Agriculture and Rural Multipurpose 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 11[Co-operative Agriculture and Rural Multipurpose Development Bank] shall be enforceable against the tenant purchaser, the lessee or the tenant, as the case may be, as if he himself were a mortgagor. (2) Where land, mortgaged with possession to 12[a Co-operative Agriculture and Rural Multipurpose Development Bank], is in actual possession of a tenant, the mortgagor or the 1[Co-operative Agriculture and Rural Multipurpose Development Bank], shall give notice to the tenant to pay rent to the 2[Co-operative Agriculture and Rural Multipurpose Development 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 3[Co-operative Agriculture and Rural Multipurpose Development Bank].