Section 140 of Transfer of Property Act - Exemptions of certain instruments from restriction imposed on transfer of immovable property

Section 140 Transfer of Property Act Description

Nothing contained in Irshad dated 29th Maghar, 1943 or any law rule, order, notification, regulation, hidayat, ailan, circular, robkar, yadasht, irshad, State Council resolution or any other instrument having the force of law prohibiting or restricting the transfer of immovable property in favour of a person who is not a permanent resident of the State shall apply to-

[(a) a mortgage of immovable property other than land as defined in the Jammu and Kashmir Alienation of Land Act, Samvat 1995, in favour of-

(i) the Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956 (31 of 1956) and having an office for transacting the business in the State ; or

(ii) the Industrial Finance Corporation of India established under the Industrial Finance Corporation Act, 1948 ; or

(iii) the Jammu and Kashmir State Financial Corporation established under the State Financial Corporation Act, 1951 ; or

(iv) the Jammu and Kashmir Bank Ltd. or the Industrial Development Bank of India or a Bank for the time being included in the Second Schedule to the Reserve Bank of India Act, 1934 and having an office for transacting the business of banking in the State ; or

(v) the Industrial Credit and Investment Corporation of India ; or

(vi) the Housing and Urban Development Corporation Ltd., New Delhi ; or

(vii) The Unit Trust of India :

[(viii) The Jammu and Kashmir Housing Board constituted under the Jammu and Kashmir Housing Board Act, 1976 :

Provided that in any suit based on such mortgage the mortgaged property shall be sold only to a permanent resident of the State] ; or

[(ix)the Jammu and Kashmir Development Finance Corporation Limited] ;

(aa) a simple mortgage of land in favour of-

(i) the Jammu and Kashmir Bank Ltd. or the Industrial Development Bank of India or a Bank for the time being included in the Second Schedule to the Reserve Bank of India Act, 1934 and having an office for transacting the business of banking in the State ; or

(ii) the Jammu and Kashmir State Financial Corporation established under the State Financial Corporation Act, 1951 ; or

(iii) the Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956 ; or

(iv) the Industrial Finance Corporation of India established under the Industrial Finance Corporation Act, 1948 ; or

(v) the Industrial credit the Investment Corporation of India ; or

(vi) the Housing and Urban Development Corporation Ltd., New Delhi ; or

(vii) the Unit Trust of India ; or]

[(viii) the Jammu and Kashmir Housing Board constituted under the Jammu and Kashmir Housing Board Act,1976 ;]

[(ix) The Housing Development Finance Corporation Limited [x x x]; or

[(x) The Jammu and Kashmir Scheduled Castes and other Backward Classes Development Corporation Limited registered under the Companies Act, 1956] ;

[(xi) The Jammu and Kashmir Police Housing Corporation Limited, Jammu/Srinagar ; or

[(xii) The Jammu and Kashmir Development Finance Corporation Limited :

Provided that in any suit based on such mortgage the mortgaged land shall be sold only to a permanent resident of the State, who is a member of an agricultural class for purposes of the Jammu and Kashmir Alienation of Land Act, Svt. 1995]] ;

(b) a transfer of immovable property situate and Katra and the village contiguous to it in favour of the Vishwayatan Yogashram, a Society registered under the Societies Registration Act, 1860 (Central Act No. 21 of 1860) effected in furtherance of the declared purpose of the Society.]

[(c) A transfer of immovable property in favour of Sher-i-Kashmir National Medical Institute Trust, Srinagar.]

[(d) a transfer of immovable property situate in District Udhampur acquired or requisitioned on behalf and at the expense of the Union, in favour of National Hydroelectric Power Corporation Limited for construction, commissioning, running and maintenance of the Salal Hydroelectric Project.]

[(e) a transfer of immovable property by the Government in favour of-

(i) the Jammu and Kashmir Tourism Development Corporation Ltd. ;

(ii) the Jammu and Kashmir Industries Ltd. ;

(iii) the Jammu and Kashmir Minerals Ltd. ;

(iv) the Jammu and Kashmir State Industrial Development Corporation Ltd. ;

(v) the Jammu and Kashmir Handicrafts (State and Export) Corporation Ltd. ;

(vi) the Jammu and Kashmir Road Transport Corporation Ltd. ;

(vii) the Jammu and Kashmir Agro Industries Corporation Ltd. ;

(viii)the Jammu and Kashmir Projects Construction Corporation Ltd. ; or]

[(ix) the Jammu and Kashmir Bank Ltd. ;]

[(x) the Jammu and Kashmir Energy Development Agency] ;

[(f) a simple mortgage of immovable property in favour of-

(i) Hindustan Machine Tools, Watch Factory, Zainakot, Srinagar ;

(ii) Orient Insurance Company Limited, having an office for transacting the business in the State ;

(iii) New India Assurance Company Limited having an office for transacting the business in the State ;

(iv) National Insurance Company Limited having an office for transacting the business in the State ;

(v) United India Insurance Company Limited having an office for transacting the business in the State ; or

(vi) Indian Telephone Industries Limited, Hyderopora, Srinagar, by their employees respectively, who are permanent residents of the State, for obtaining loan for construction or purchase of residential accommodation in the State :

Provided that in any suit based on such mortgage, the mortgaged property shall be sold only to a permanent resident of the State] ;

[(g) a transfer of immovable property in favour of-

(i) Sher-i-Kashmir University of Agricultural Sciences and Technology, established and incorporated under the Sher-i-Kashmir University of Agricultural Science and Technology Act, 1982, in furtherance of the objects of the University ;

(ii) Jammu and Kashmir Small Scale Industries Development Corporation Limited and Jammu and Kashmir State Industrial Development Corporation (State owned Corporations) for industrial development in the State.]

[(iii) the Jammu and Kashmir State Cable Car Corporation ;

[(iv) the Jammu and Kashmir Bank Limited ;

[(v) the Jammu and Kashmir State Power Development Corporation Limited] ;

[(vi) the Jammu and Kashmir Energy Development Agency] ;

[(h) A simple mortgage of immovable property executed or created in favour of a public financial institution, as specified in section 4-A of the Companies Act, 1956, a scheduled bank for the time being included in the Second Schedule to the Reserve Bank of India Act, 1934 and the Trustees for the holders of debentures to secure the loans, guarantees, issue of debentures or other form of financial assistance provided for developmental projects in the State of Jammu and Kashmir like Baghliar Project of Jammu and Kashmir State Power Development Corporation Limited :

Provided that in any suit based on such mortgage the mortgaged property shall be sold or transferred only to [is permanent resident of the State or any financial institution or corporation managed and owned by the Government of India]].

[(i) a lease of immovable property in favour of-

(i) Shri Mata Vaishno Devi University established under the Jammu and Kashmir Shri Mata Vaishno Devi University Act, 1999 ; and

(ii) Baba Ghulam Shah Badshah University established under the Jammu and Kashmir Baba Ghulam Shah Badshah University Act, 2002, for fulfilment of the objectives of the University] ;

[(j) a lease of immovable property in favour of the Jammu and Kashmir Chenab Valley Power Projects (Private) Limited for construction, commissioning, maintenance and running of three Hydro Electric Projects, viz. Pakaldul, Kiru and Kawar :

Provided that the maximum period of lease shall not exceed f4o years] ;