Section 35(i) in Jammu and Kashmir Co-Operative Societies Act, 1989
(i)a member who makes an application for a loan to a registered society of which the majority are Agriculturists shall, if he owns land, or other immovable property, make a declaration in the form prescribed, if any, that he thereby creates a charge upon such land or other immovable property or such portion thereby as may be specified in the declaration in respect of the loan which the society may make to the member on the application and future loans, if any, that may be made to him from time to time, by the society together with interest on such loan or loans: Provided that it shall be lawful for a member to create subsequent charges in favour of the Agricultural and Rural Development Bank, Jammu and Kashmir Bank, the State Government or a Bank contained in Schedule II of the Reserve Bank of India Act, 1934, subject to the provisions of section 140 of the Transfer of Property Act, Samvat 1977;
