Amendment status not verified — confirm the current text below against the official source.
( 1 ) Whereas an agriculturist creates a charge on land or any other immovable property, which he owns or in which he has an interest, in respect of any financial assistance given to him by a bank, he may make a declaration in accordance with the form set out in the Schedule or as near thereto as circumstances permit, declaring that thereby he creates, in favour of the bank, a charge on such land or his interest therein, or other immovable property, as the case may be, to secure the financial assistance provided to him by the bank. ( 2 ) A declaration made under sub-section ( 1 ) may be varied from time to time by the agriculturist with the consent of the bank in whose favour the declaration has been made.