Amendment status not verified — confirm the current text below against the official source.
( I ) Notwithstanding anything to the contrary charflcs and morl~36CS in any law for the t h e behg in force,- in hvour of Govcrnrncnt ,r n CO- .petntavc (a) no charge or mortgage created on any land ocicty. or interest thereh, after the comence- ment of this Act, in favour of Govern- ment in respect of a loan under the Land Improvenlent Loans Act, 1883 or the Agriculturist's Loans Act, 158d or in favour of a Co-opcrative Society ilz respect of a Ioan granted by such society, shall have priority over a charge or mortgage on such land or intercst created by an agri- culturist in favour of a bank as security for financial assistance given to .the agriculturist by the bank after the com- mencemetlt of this Act and prior to the charge or mortgage in favour of Govern- ment or the Co-operative Society, as the case may be; and i ~ . .-;.! (b) any charge or mortgage created on any land or interest therein in favour of a bank in respect of financial assistance given to an agriculturist by that bank . . , shall have priority over any other charge or mortgage that may have been created - I over such land or interest in favour of any. person other than Government, a . . ' co-operathe society or any other bank, ' . prior. to the date on which the charge or L . . . mortgage was created in'favour of the bank. '- (2) Where. different charges or mortgages over the same land or interest therein have been created by an 'agriculturist in favour of Government, a co- operative society or a bank or more than one bank, any such charge or mortgage created as security for financial assistance given by Government, co-operative society or the bank or banks by way of tcnn loan for development purposes shall have priority over the other charges or mortgages created in favotrr of Government, co-operativc society or any of the banks, provided prior notice of any sucl~ financia1 assistance by w a y of term loan for developn~ent purpose had been given to such Govermne~lt, co-opera t ive society er bank and such Governlent, co-opera f ive society or.bank has concurred in such financial assistance, abd where more ,than one such cl~arge or mortgag is as security for financial assistance given by way of term loan, the charges or ~nortgages by way of security for term loan for development purposes will rank for priority in zcc~rdance with the dates of their creation. Explar.lario!l,--For the purposes of tlds section, "term loail for development purpose" shall mean financial assistance which would generally lead to improvement of agriculture or building up of assets in agricult~rre, but shall not include financial assistance for meeting wcrIciqg capital expenses, seasonal agricultural operations and marketing of crops. (3) Nothing in this section shall apply to borrowings only from one or more co-operative societies. Registration