Section 116 in West Bengal Co-operative Societies Act, 2006
116. Restriction on transfer of, or charge on, equity of redemption.
- 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 agriculture and rural development bank, financing bank or a primary agricultural credit Co-operative society without the concurrence of the said bank :Provided that the said bank shall not give its concurrence without the previous sanction of the financing bank, if any :Provided further that the financing bank shall, if it accords sanction, send a copy thereof to the trustee, if any, appointed under section 45.
