Section 50 in The Tripura Co-operative Societies Act, 1974
50. Charge on the immovable property of members borrowing from certain societies.
- Notwithstanding anything contained in this Act or- in any other law for the time being in force,-(a)any person who makes an application to a society of which he is a member, for a loan, shall, if he owns any land or has interest in any land as a tenant, make a declaration in the form prescribed. Such declaration shall state that the applicant thereby creates a charge on such land or interest specified in the declaration for the payment of the amount of the loan which the society may make to the member in pursuance of the application, and for all future advances (if any) required by him which the society may make to him as such member, subject to such maximum as may be determined by the society, together with interest on such amount of the loan and advances;(b)any person who has taken a loan from society of which he is a member before the date of the coming into force of this Act, and who owns any land or has interest in land as a tenant, and who has not already made such a declaration before the aforesaid date shall, as soon as possible thereafter, make a declaration in the form and to the effect referred to in Clause (a); and no such person shall, unless and until he has made such declaration, be entitled to exercise any right as a member of the society;(c)a declaration made under Clause (a) or (b) may be varied at any time by a member, with the consent of the society in favour of which such charge is created;(d)no member shall alienate the whole or any part of the land or interest therein, specified in the declaration made under Clause (a) or Clause (b) until the whole amount borrowed by the member together with the interest thereon is repaid in full:Provided that, if a part of the amount borrowed by a member is paid, the society with the approval of the financing bank to which it may be indebted, may, on an application from the member, release from the charge created under the declaration made under Clause (a) or Clause (b) such part of the movable or immovable property 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;(e)any alienation made in contravention of the provisions of Clause (d) shall be void;(f)subject to the prior claims of the Government in respect of land revenue or any money recoverable as land revenue and all claims of the land development bank in respect of its dues, in either case whether prior in time or subsequently, there shall be a first charge in favour of the society on the land or interest specified in the declaration made under Clause (a) or Clause (b), for and to the extent of the dues owing by the member on accounts of the loan;(g)and in particular, the record of rights maintained under the settlement and survey rules for the time being in force in Tripura shall also include the particulars of every charge on land or interest created under a declaration under Clause (a) or Clause (b).Explanation. - For the purposes of this section, the expression "society means-(i)any resources society, the majority of the members of which are agriculturists and the primary object of which is to obtain credit for its members, or(ii)any society, or any society of the class of societies specified in this behalf by the Government, by a general or special order.
