law: Banking Regulation Act, 1949
  9. Disposal of non-banking assets
  Notwithstanding anything contained in section 
  
  6, no banking company shall hold any immovable property howsoever acquired, 
  
  except such as is required for its own use, for any period exceeding seven years 
  
  from the acquisition thereof or from the commencement of this Act, whichever is 
  
  later or any extension of such period as in this section provided, and such 
  
  property shall be disposed of within such period or extended period, as the case 
  
  may be:
  PROVIDED that the banking company may, within the 
  
  period of seven years as aforesaid, deal or trade in any such property for the 
  
  purpose of facilitating the disposal thereof:
  PROVIDED FURTHER that the Reserve Bank 
  
  may in any particular case extend the aforesaid period of seven years by such 
  
  period not exceeding five years where it is satisfied that such extension would 
  
  be in the interests of the depositors of the banking company.