State Act

The Maharashtra Co-operative Societies Act, 1960

130. Rights of 13[Co-operative Agriculture and Rural Multipurpose Development Bank] to buy mortgaged property.— (1) Property purchased under section 133(3) by, and property transferred under section 100 to the 1[Co-operative Agriculture and Rural Multipurpose Development Bank] may be disposed of by such banks 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 agriculturists eligible to hold land under the 2Bombay Tenancy and Agricultural Lands Act, 1948 (Bom. LXVII of 1948) or any corresponding law for the time being in force, 3[or in favour of Tribals, if such property belongs to a Tribal] 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. 4[Explanation.— For the purposes of this sub-section and section 133A, ‘Tribal’ means a person belonging to a Scheduled Tribes within the meaning of the Explanation to section 36 of the Maharashtra Land Revenue Code, 1966 (Mah. XLI of 1966), and includes his successor in interest.] (2) Nothing contained in any law for the time being in force fixing the maximum limit of agricultural holdings shall apply to the acquisition or holding of land by the 5[Co-operative Agriculture and Rural Multipurpose Development Bank] under this section.