Amendment status not verified — confirm the current text below against the official source.
i n Section 45 of the (2)SofA°»am t i o n t h e following shall be Act.l of 1950 Principal Act, for sub-sec substituted, namel) :•— “ (2) Notwithstanding anything contained in this Act or in any other law for the time being in force, (a) a member who makes an application for a loan to a Co-operative Society of which the majority of the members are agriculturists shall, if he owns any land or has any interest in any land as a tenant, make in such form as may be prescribed, a declaration that he thereby creates a charge upon such land or such interest, or such portion thereof, as may be specified in the decla ration, for securing the repayment of the loan which the society may make to the members on the application and of future loans, if any, THE ASSAM GAZETTE EXTRAORDINARY, OCT. 22, 197 5 f 31 ’ 7 that may be made to him, from time to time by the society toge her with interest on such loan or loans ; (bl a declaration made under clause (a) may be varied or cancelled at any time bv the member m<<Htsg it, with the consent of the society in whose favour it is made ; (c) any land or interest in land in respect of which a declara'ion has been made under clause (a) or any p u t of such land or interest, shall not be sold or otherwise transferred by the member making the declaration until the enhre amount of the loan or loans taken by the member from the society together with interest thereon is p«id to the society : Provided that nothing in this clause shall apply to any such p irt of such laid or interest as may lave bjen released from the chirge crea d under this Section under the proviso to clause (d) ; subject to respect (d) in recoverable there shall be society on the declaration extent as in the to the member making loan or loans made to him by any claim of of land revenue land revenue or as a first charge in favour of land or interest in made under clause (a) of the dues recoverable the declaration on account together with any interest the society: Government any sum State or public demand, the land specifi d , lor and from the of the thereon Provided that if a part of such dues is paid by the member, the society may, on the application of the member and with the approval of the financing bank to which it may be indebted, release from the charged such part of the land or interest in the land specified in the declaration made under clause (a) as the society may, having due regard to the security of the outs a ding amount of the loan or loaus made to the member deem proper. (e) Every record of rights prepared and main* tained under the Assam Land and Revenue Regu lation, 1886 or any other law for the time being in force shall also include the particulars of every charge on any land or any interest thereon cleared under clause (a).” 932 THE ASSAM GAZETTE, EXTRAORDINARY, OCT. 22, 1§ST Insertion of