Land and Agricultural Development Bank Act, 2002 (Act No. 15 of 2002)Part IV : Risk Management and other Operational Matters40. Immovable property |
| (1) | The Bank may acquire, hold or dispose of immovable property in the course of its business. |
| (2) | The Board must determine the policy and procedure of the Bank with regard to the acquisition and disposal of immovable property. |
| (3) | The Minister may, subject to subsection (4), direct the Bank to make available for purposes of agrarian reform any immovable property it may have acquired from a debtor of the Bank who has defaulted on the repayment of an advance made by the Bank. |
| (4) | Any immovable property made available by the Bank in terms of subsection (3) may be transferred to and registered in the name of another person only after payment of the productive value for purposes of agrarian reform of that property has been received by the Bank or arrangements have been approved by the Board for payment subsequent to that transfer and registration, whether in instalments or not. |