Amendment status not verified — confirm the current text below against the official source.
(1) Where an agriculturist creates a charge on land, or any other immoveable property which he owns or in which he has an interest in respect of Creation of charge on land in favour of bank by declaration. any financial assistance given to him by a bank, he may make a declaration on the lines of 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 other immoveable property or his interest therein, as the case may be, to secure the financial assistance given 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 and every such variation shall take effect as if it had been an original declaration. 1[4-A. (1) Notwithstanding anything contained in the Registration Act, 1908 (Central Act 16 of 1908), a charge in resect of which a declaration has been made under sub-section (1) of section 4 of this Act or in respect of which a variation has been made under sub-section (2) of section 4 of this Act, shall be deemed to have been duly registered in accordance with the provisions of that Act with effect from the date of such charge or variation, as the case may be, provided that the bank sends to the Sub-Registrar or Joint Sub-Registrar within the local limits of whose jurisdiction the whole or any part of the property charged is situated, within a period of sixty days, through a registered post acknowledgement due or in person, a copy of the document creating such charge or variation duly certified to be true copy by an employee of the bank authorized to sign on its behalf. (2) The Sub-Registrar or the Joint Sub-Registrar, as the case may be, receiving the declaration referred to in sub-section (1), as immediately as practicable on receipt thereof, record in a register to be maintained in this behalf, the fact of the receipts of such declaration or variation. 4-B. Wherever a charge is created on the land in favour of a bank by an agriculturist under section 4 of the Act, the bank may given intimation in writing to the Tehsildar or Naib-Tehsildar within the local limits of whose jurisdiction the whole or any part of the property charged is situated or such other revenue official as may be designated in this behalf by the State Government, of the particulars of 1 Inserted by Punjab Act No. 12 of 2014, Section 3 Nothing of charge created in favour of bank in the record of rights. Registration of charge in favour of bank. the charge in its favour. The Tehsildar, Naib-Tehsildar or other revenue official shall make a note of the particulars of charge in the record of rights relating to the land over which the charge has been created.] CHAPTER III CHARGES AND MORTGAGES IN FAVOUR OF BANKS AND THEIR PRIORITIES