Amendment status not verified — confirm the current text below against the official source.
Notwithstanding anything contained in this Act or in any other law for the time being in force, a. Any person, who makes an application to a society of which he is a member, for a loan shall, if he owns any land or has interest in any land as a tenant, made a declaration in the form prescribed, such declaration shall state that the applicant thereby creates a charge on such land or interest specified in the declaration for the payment of the amount of the loan which the society may make to the member in pursuance of the application, and for all future advances if any, required by him which the society may make to him as such member, subject to such maximum as may be determined by the society, together with interest on such amount of the loan and advances : b. Any person who has taken a loan from a society of which he is a member, before the date of the coming into force of this Act, and who owns any land or has interest in land as a tenant, and who has not already made such a declaration before the aforesaid date shall, as soon as possible thereafter, make a declaration in the form and to the effect referred to in clause (a); and no such person shall, unless and until he made such declaration, be entitled to exercise any rights as a member of the society ; c. a declaration made under clause (a) or (b) may be varied at any time by a member, with the consent of the society in favour of which such charge is created d. No member shall alienate the whole or an part of the land or interest therein, specified in the declaration made under clause (a) or (b) until the whole amount borrowed by the member together with interest thereon, is repaid in full : Provided that, for the purpose of paying in full to the society the whole amount borrowed by the member together with interest thereon, the member may, with the previous permission in writing of the society and subject to such conditions as the society may impose, alienate the whole or any part of such land or interest thereon : Provided further that, if a part of the amount borrowed by a member is paid, Charge on the immovable property of members borrowing from certain societies. the Central Financing Agency may, on an application from the member, release from the charge created under the declaration made under clause (a) or (b), such part of the movable or immovable property specified in the said declaration as it may deem proper with due regard to the security of the balance of the amount remaining outstanding from the member : Provided further that, standing crops on any such land may be alienated with the previous permission of the society. e. Any alienation made in contravention of the provision of clause (d) shall be void ; f. Subject to the prior claim of the Government in respect of land revenue or any money recoverable as land revenue, or any other law for the time being in force in any part of the State there shall be first charge in favour of the society on the land or interest specified in the declaration made under clause (a) or (b), for and to the extent of the dues owing by him on account of the loan ; g. the record of rights shall also include the particulars of every charge on land or interest created under a declaration under clause (a) or (b) notwithstanding anything contained in any law relating to land revenue for the time being in force ; h. any sum due to a society in consequence of charge created under a declaration under clause (a) or clause (b) shall on application for its recovery being made by such society accompanied by a certificate signed by the Registrar, be recoverable by the Deputy Commissioner/Additional Deputy Commissioner according to the laws and under the rules for the time being in force for recovery as a public demand under the Bengal Public Demand Recovery Act, 1913. Explanation - For the purpose of this section, the expression "society" means -