Section 40(2) in The M.P. Co-Operative Societies Act, 1960
(2)No person shall transfer any property which is subject to a charge under sub-section (1) except with the previous permission in writing of the society which holds the charge :Provided that it shall always be lawful for a member or past member to create a charge in favour of a Development Bank under the Madhya Pradesh Sahkari Bhoomi Vikas Bank Adhiniyam, 1966 (28 of 1966) for the dues thereof.
