Section 63 in The Delhi Co-operative Societies Rules, 2007
63. Form of declaration to be made by members while borrowing loans.
(1)A declaration as per clause (i) and clause (ii) of section 45 of the Act, shall be made in Form -9.(2)A register of such declaration shall be kept by the co-operative society in Form-10.(3)A charge on any immovable property created by a member in favour of a cooperative society for amount borrowed or likely to be borrowed by him, from time to time, shall, subject to the provisions of clauses (iv) and (vi) of section 45 of the Act continue to be in force till the person creating the charge has fully repaid the sum borrowed or he ceases to be a member of the society as the case may be(4)In case, a member of a society creates a charge on his land or on his interests in any land as a tenant, by declaration under-section 45 of the Act, the co-operative society may, if compelled to make use of such property for the recovery of the loan granted to such member against the security of such property or interest in the property, utilise the whole or any portion of such property which may be sufficient to satisfy the amount due with interest and any incidental expenses incurred in that connection.(5)In case, a charge is created by a member on his land or on his interest in any land as a tenant by declaration under section 45 of the Act, the co-operative society shall record or cause to be recorded such particulars of charge in the record of rights maintained by the village officers of the village where such property is situated. Such recording of the charge in the record of rights of the village shall be treated as a reasonable notice of such charge created under section 45 of the Act.(6)Without prejudice to the generality of the powers given in Explanation below section 45, financing bank, agricultural credit and non-credit co-operative society shall come within the purview of section 45 of the Act from the commencement of these rules.
