(1)
Notwithstanding anything contained in the Transfer of Properly Act, 1882 (Central Act IV of 1882), or any other law for the time being in force, no mortgagor of property mortgaged to a Primary [Agriculture and Rural] [Substituted by section 5 of the Tamil Nadu Co-operative Societies (Amendment) Act, 1999 (Tamil Nadu Act 50 of 1999) which came into force on the 15th December 1999.] 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 upon any such property:
Provided that the rights of the Primary [Agriculture and Rural] [Substituted by section 5 of the Tamil Nadu Co-operative Societies (Amendment) Act, 1999 (Tamil Nadu Act 50 of 1999) which came into force on the 15th December 1999.] Development Bank shall be enforceable against the tenant-purchaser or the lessee or the tenant, as the case may be, as if such tenant-purchaser or the lessee or the tenant were the mortgagor.
(2)
Where the land mortgaged with possession to [Agriculture and Rural] [Substituted by section 5 of the Tamil Nadu Co-operative Societies (Amendment) Act, 1999 (Tamil Nadu Act 50 of 1999) which came into force on the 15th December 1999.] Development Bank is in the actual possession of a tenant, the mortgagor or the [Agriculture and Rural] [Substituted by section 5 of the Tamil Nadu Co-operative Societies (Amendment) Act, 1999 (Tamil Nadu Act 50 of 1999) which came into force on the 15th December 1999.] Development Bank shall give notice to the tenant to pay the rent to the [Agriculture and Rural] [Substituted by section 5 of the Tamil Nadu Co-operative Societies (Amendment) Act, 1999 (Tamil Nadu Act 50 of 1999) which came into force on the 15th December 1999.] Development Bank and on such notice being given, the tenant shall, for the duration of the lease or of the mortgage, whichever is shorter, be deemed to have attorned to the [Agriculture and Rural] [Substituted by section 5 of the Tamil Nadu Co-operative Societies (Amendment) Act, 1999 (Tamil Nadu Act 50 of 1999) which came into force on the 15th December 1999.] Development Bank.