3[22. Restriction on mortgagors power to lease or to create other rights in the mortgaged and charged property. - Notwithstanding anything contained in the Transfer of Property Act, 1882, or any other law for the time being in force no property in respect of which a charge, hypothecation or mortgage has been made in favour of a 2[Gram Vikas Bank] or the 2[Uttar Pradesh Gram Vikas Bank] shall be sold or otherwise transferred by the person making the charge, hypothecation or mortgage until the entire amount of loan or advance taken by him from the 2[Gram Vikas Bank] or the 2[Uttar Pradesh Gram Vikas Bank] together with interest thereon is paid to the Bank and any transaction made in contravention of this section shall be void:
Provided that, if a part of the amount borrowed by a member is paid, the 2[Uttar Pradesh Gram Vikas Bank], or s the case may be, the 2[Gram Vikas Bank] with the approval of the 2[Uttar Pradesh Gram Vikas Bank] may, on application from the member release from the mortgage, charge or hypothecation created or made in favour of the bank, such part of the property or interest therein as it may deem proper with due regard to the security of the balance of the amount remaining outstanding from the member.]
(2) Any lease granted or rights created in contravention of the provisions of sub-section (1) shall be void.
Provided that, if a part of the amount borrowed by a member is paid, the 2[Uttar Pradesh Gram Vikas Bank], or s the case may be, the 2[Gram Vikas Bank] with the approval of the 2[Uttar Pradesh Gram Vikas Bank] may, on application from the member release from the mortgage, charge or hypothecation created or made in favour of the bank, such part of the property or interest therein as it may deem proper with due regard to the security of the balance of the amount remaining outstanding from the member.]
(2) Any lease granted or rights created in contravention of the provisions of sub-section (1) shall be void.
Source footnotes
2. Subs. by U.P. Act No. 19 of 19943. Subs. by U.P. Act No. 3 of 1979
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Section 1 · Short title, extent and commencementSection 2 · DefinitionsSection 3 · Number of Gram Vikas BanksSection 4 · Appointment of Trustee and his powers and functionsSection 5 · Trustee to be a Corporation SoleSection 6 · Issue of debentures by the BoardSection 7 · Vesting of property in Trustee and Debenture -holders charge on the assetsSection 8 · Guarantee by State Government of Principal and interest of the money to be borrowed by means of debentures or otherwiseIndia Code, Government of India. Text fetched 16 Oct 2026. Source metadata reports last modification: 2024-03-15. Check the linked official text and subsequent notifications when applying a provision.