Amendment status not verified — confirm the current text below against the official source.
First charge oj society on cerfaul assets.-( 1) Notwithstanding any- thing contained in any la\v for the tin1e betng in force, but subject to any prior claim of the Government in respect of land revenue or any n1oncy recoverable as land revenue, any debt or outstandJng demand owing to a society by auy member or past member or deceased n1ember shall be a fil st charge- (a) upon the fishing implements of such member for the purchase of \Vhich the loan was taken from the society by such member; and (b) upon any other property purchased in whole or in part out ol uny loan given by the soc1ety. (2) No person shall transfer any properly which is subject to a charge under sub-section ( 1) except with the previous permission in \\·riung of the society which holds the charge. '" \ (3) Notwithstanding anything contained Jn any la\v for the tin1e being in torcc, any transfer of property made in contravention of the pr OVlSions of sub-section (2) shall be 'oid. (4) 1~hc charge created t'ndt"r sub-section ( 1) shall be available a:- n~ninst any claim of the Govern:rrent an~;n<"{ fron1 ~ny l0an ~ranted by thcllJ pfler the grunt of the lo~n hy l hl soc.<:l). 34fll50Jll. 36