Amendment status not verified — confirm the current text below against the official source.
(1) A financial institution granting any financial assistance to the holder of a Pass Book shall make an attested endorsement on the Pass Book indicating the amount of such financial assistance and where such financial assistance has been given on the security of any property, the financial institution shall also make an endorsement against the property on the security of which the financial assistance has been granted by it; and the endorsement so made shall have the effect of creating a charge in favour of the financial institution on the property against which the endorsement has been so made: 2lxxx Provided that where any charge on any land or interest therein was created by an agriculturist in favour of a co-operative society before the commencement of this Act, it shall not debar him from creating, after such commencement, a subsequent charge on such land or interest therein in favour of a financial institutions s security for any financial assistance given tot he agriculturist by such institution: Provided further that the financial institution, which sanctions the first loan after the issue of the Pass Book, shall ascertain and verify all past loans and encumbrances advanced to or created by, as the case may be, by the agriculturist and shall enter and authenticate the details thereof in the Pass Book. (2) A copy of every endorsement made by a financial institution in pursuance of the provisions of sub-section (1) shall be forwarded by it to the Revenue Officer within the local limits of whose jurisdiction the whole or any part of the property whereupon the charge so created is situate, and on receipt of the copy of such endorsement, the Revenue Officer shall make the 'necessary entries in the record of rights maintained by him under the Land Revenue Act and in the office copy of the Pass Book.