Amendment status not verified — confirm the current text below against the official source.
(1) Where an agriculturist create a charge on faiut^in fav- ^a n < ^’ o r a n 7 o ther immovable pro perty which he ou r of a ba nk O w n s o r in which he has an interest in respect of by de clara- any financial assistance given to him by a bank, he tio n. m a y make a declaration on the lines of the form set out in the Schedule hereto or as near thereto as circumstances* permit, declaring that he thereby creates, in favour of the bank, charge on such land or his interest therein, or other immovable pro perty as the case may be, to secure the financial assis tance given to him by the bank ; (2) A declaration made under sub-section (1) may be varied from time to time by the agricul turis t with the consent of the bank in whose favour the declaration has been made. Such variation shall tak e effect from such date on which the variation, if it has been an original declaration, would have effect under section 9. CHAPTER III Charges and Mortgages in favour of banks and their priorities. Remo val of 7 - Notwithstanding anything to the contrary disability in contained in the Assam Co-operative Societies Act, cre ation of 1949 (Act 1 of 1950) or any other law for the time charges an d being in force and notwithstanding that any land mortgager. o r in t e r e s t therein stands already charged or mor tgaged to a Co-operative Society it shall be lawful Aiiuxiiy ui < charge* and • mortgages in ai favour of Government bank and a Co-operative Society. 304 TH E AS SA M GAZE TT E,' EX TR AO RD INAR Y, MAY 2, 1»?? for an agriculturist to create a charge or mortgage x, on such land or interest therein in favour of a bank as security for any financial assistance given to the agriculturists by the bank.