Amendment status not verified — confirm the current text below against the official source.
Substituted by G.O.Ms.No.53, Agriculture and Cooperation (Coop- II) Department, dated 20.05.2016. Charge on the immovable property of a member for the loans borrowed. 78 [Act No.7 of 1964] part of or any interest in such land shall be sold or otherwise transferred until the entire amount of the loan or advance taken by the member from the society together with interest thereon is paid to the society; and any transaction made in contravention of this sub-section shall be void: Provided that, if a part of the amount borrowed by a member is paid, the society may, on application from the member and with the approval of the financing bank, release from the charge created under the declaration made under sub-section (1), such part of the land or interest in such land specified in the said declaration, as it may deem proper, with due regard to the security of the balance of the amount remaining outstanding from the member: Provided further that, nothing in this sub-section shall apply in respect of (a mortgage created in favour of) an (Agricultural Development Bank), subsequent to the date of registration of the declaration made under sub-section (1).] (4) The declaration made under sub-section (1) or any variation or cancellation thereof under sub-section (2) shall be sent by registered post by the society to the Sub- Registrar having jurisdiction over the area in which the land 173[xxx] is situated. He shall, if it is in order, register such declaration or variation or cancellation and 174[return it] to the society and where it is not in order, he shall return it to the society without registering it. Where it is registered, it shall take effect from the time of its registration and where it is not registered; it shall be of no effect. 175[Explanation.—For purposes of this section, the expression ―society‖ means-