(1) No mutawalli, Executive Officer or other person in charge of the administration of a ¹ [waqf] shall lend any money belonging to the ¹ [waqf] or any ¹ [waqf] property or borrow any money for the purposes of the¹ [waqf] except with the previous sanction of the Board:
     Provided that no such sanction is necessary if there is an express provision in the deed of ¹ [waqf] for such borrowing or lending, as the case may be.
     (2) The Board may, while according sanction, specify any terms and conditions subject to which the person referred to in sub-section (1) is authorised by him to lend or borrow any money or lend any other ¹ [waqf] property.
     (3) Where any money is lent or borrowed, or other ¹ [waqf] property is lent in contravention of the provisions of this section, it shall be lawful for the Chief Executive Officer,--
         (a) to recover an amount equal to the amount which has been so lent or borrowed, together with interest due thereon, from the personal funds of the person by whom such amount was lent or borrowed;
         (b) to recover the possession of the ¹ [waqf] property lent in contravention of the provisions of this Act, from the person to whom it was lent, or from persons who claim title to such property through the person to whom such property was lent.