Section 43(1) in Sikkim Co-Operative Societies Act, 1978
(1)Notwithstanding anything contained in this Act or in any other law for the time being in force, but subject to any claim of the Government in respect of land revenue, whether prior in time or subsequent, any member of a society, owning any land or having interest in any land or other immovable property as a tenant, making an application for financial assistance from the society shall make a declaration in the form prescribed creating a charge in favour of the society on such land or interest or such portion thereof as may be specified in the declaration, as security for the payment of the loan to be granted to him on the application and for all future loans, if any that may be granted to him by the society from time to time subject to such maximum as may be determined by the society together with the interest on such amount of the loans.
