Amendment status not verified — confirm the current text below against the official source.
Notwithstanding anything contained in any other law for the time being in force, a mortgagor shall not be entitled to transfer or create a charge on the property mortgaged to a co-operative land development bank without the concurrence of the co-operative land development bank: Provided that the co-operative land development bank shall not give its concurrence without the previous sanction of the financing bank: Provided further that the financing bank shall, if it accords sanction, send a copy thereof to the Trustee, if any, appointed under section 44. Payment of prior debts of mortgagor. Procedure for dealing with applications for loan. Restriction on transfer of, or charge on, equity of redemption. 373 The West Bengal Co-operative Societies Act, 1983. Mortgage not to be questioned on insolvency of mortgagor. [West Ben. Act (Chapter XIII.—Special provisions for co-operative land development bank, central co-operative bank, primary co-operative credit society and apex housing society.—Sections 107-109.)