(1)
Notwithstanding anything contained in the Transfer of Property Act, 1882 (Central Act IV of 1882) or any other law for the time being in force, no property or portion thereof mortgaged to a Primary [Agriculture and Rural] [Substituted by Tamil Nadu Act No. 4 of 2013, dated 23.2.2013, w.e.f. 31.1.2013.] Development Bank, except with the prior consent in writing of the bank and sanction of the Registrar and subject to such terms and conditions as the Registrar may impose, shall be transferred by way of sale, mortgage, settlement, gift or otherwise.
(2)
Any transfer of any property or portion thereof by sale, mortgage, settlement, gift or otherwise, in contravention of sub-section (1) shall be null and void and the transferor shall be liable to punishment provided in section 158.]