The 2-HAAT novel polymer was synthesized through the acid catalysed condensation polymerization of 2-Hydroxy Acetophenone and Adipamide with Tioxane using proper molar ratio of the reacting monomers. The resulting polymer was characterized with Elemental Analysis, UV-Visible, FTIR and H1-NMR spectral data and SEM studies. The number average molecular weight of this novel polymer was determined with conductometric titration method in a non-aqueous medium. The chelating ion-exchange properties were also studied with the batch equilibrium method. The polymeric resin was proved to be selective chelating ion-exchanger for certain metals. The chelating ion-exchange properties of this polymer were studied for six metal ions viz. Cu2+, Ni2+, Cd2+, Zn2+, Pb2+ and Fe3+. The study was carried out over a wide pH range and in media of various ionic strengths. The polymer showed a higher selectivity for Pb2+ ions than for Cu2+, Ni2+, Cd2+, Zn2+ and Fe3+. The 2-HAAT polymer was tested for its inhibitory action against a few pathogenic bacteria and fungi. It has shown potent inhibitory action against bacteria, such as Escherichia coli and fungi viz. Candida albicans. Specific higher selectivity of this resinous novel polymer for Pb2+proved its practical applicability for abetment of lead, a toxic heavy metal, from contaminated water and thus for water treatment.