Section 36(3) in Andhra Pradesh Co-Operative Societies Act, 1964
(3)[ Subject to the provisions of sub-section (1) and to the claim of any person in whose favour a mortgage or a charge has been created before the date of registration of the declaration made under sub-section (1), no land in respect of which such declaration has been made or any part of or any interest in such land shall be sold or otherwise transferred until the entire amount of the loan or advance taken by the member from the society together with interest thereon is paid to the society; and any transaction made in contravention of this sub-section shall be void :] [Substituted by Andhra Pradesh Act No. 10 of 1970.]Provided that, if a part of the amount borrowed by a member is paid, the society may, on application from the member and with the approval of the financing bank, release from the charge created under the declaration made under sub-section (1), such part of the land or interest in such land specified in the said declaration, as it may deem proper, with due regard to the security of the balance of the amount remaining outstanding from the member :Provided further that, nothing in this sub-section shall apply in respect of [a mortgage created in favour of] [Substituted by Andhra Pradesh Act No. 2 of 1999.] an [Agricultural Development Bank] [Substituted by Andhra Pradesh Act No. 19 of 1976.], subsequent to the date of Registration of the declaration made under sub-section (1).
