Amendment status not verified — confirm the current text below against the official source.
(1) Notwithstanding anything contained in this Act or in any other law for the time being in force, if any member owning any land or other immovable property or having interest in any land or otherwise being in lawful occupation of any land (including a share cropper), who has not borrowed money under section 54, makes an application to a Co-operative credit society for loan, he shall by declaration in the prescribed form create a special charge to be called Gehan in favour of the Co-operative credit society on such land or other immovable property or his interest therein to secure payment with interest of the loan to be granted to him for the present and in future by the said Co-operative credit society on such application and any other loan that may be granted to him by it from time to time so, however, that the total amount of all loans taken together does not exceed the maximum limit fixed by it and for payment of interest due on all such loans and expressly reserving in favour of the Co-operative credit society a right of sale without intervention of court in case of default. The Gehan shall take effect from the date of its execution. (2) Notwithstanding anything contained in the Registration Act, 1908, it shall not be necessary to register a Gehan: Provided that when a Gehan has been executed in favour of primary Co-opera- tive credit society for repayment of any loan, the manager of the primary Co-operative credit society or any officer deputed by the State Government or the Registrar under section 33 or the financing bank which advances the loan to the primary Co-operative credit society shall send a copy of the Gehan to the registering officer having jurisdic- tion over the loan or part thereof or other property and the registering officer shall like such copy in his book No. 1 prescribed under section 51 of the Registration Act, 1908. (3) An officer deputed by the State Government or the Registrar under section 33 shall administer the oath, where necessary, for affirming or swearing the declara- tion under sub-section (1). (4) A Gehan shall be deemed to have created an interest in the property to which the declaration relates and shall constitute notice to any one dealing with such property. (5) The provisions of clauses (b), (c) and (d) of section 54 shall apply to a Gehan and the provisions of sections 120, 123 and 124 shall apply mutatis mutandis to a Gehan. 42 THE KOLKATA GAZETTE, EXTRAORDINARY, MAY 25, 2010 [PART III The West Bengal Co-operative Societies Act, 2006. (Chapter V—Duties and obligations of Co-operative societies.—Sections 56-60.)