Section 46(2) in The Assam Co-operative Societies Act, 1949
(2)Notwithstanding anything contained in this Act or any other law for the time being in force-(a)a member who makes an application for a loan to a Co-operative Society of which the majority of the members are agriculturists shall, if he owns any land or has any interest in any land as a tenant, make in such form as may be prescribed a declaration that he thereby creates a charge upon such land or, such interest or such portion thereof, as may be specified in the declaration for securing the repayment of the loan which the society may make to the members on the application and of 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;(b)a declaration made under Clause (a) may be varied or cancelled at any time by the members making it, with the consent of the society in whose favour it is made;(c)any land or interest in land in respect of which a declaration has been made under Clause (a) or any part of such land or interest, shall not be sold or otherwise transferred by the member making the declaration until the entire amount of the loan or loans taken by the member from the society together with interest thereon is paid to the society :Provided that nothing in this clause shall apply to any such part of such land or interest as may have been released from the charge created under this section under the proviso to Clause (d);(d)subject to any claim of the State Government in respect of land revenue or any sum recoverable as land revenue or as public demand, there shall be a first charge in favour of the society on the land or interest in land specified in the declaration made under Clause (a) for and to the extent of the dues recoverable from the member making the declaration on account of the loan or loans together with any interest thereon made to him by the society :Provided that if a part of such dues is paid by the member, the society may, on the application of the member and with the approval of the financing bank to which it may be indebted release from the charge such part of the land or interest in the land specified in the declaration made under Clause (a) as the society may, have due regard to the security of the outstanding amount of the loan or loans made to the member, deem proper;(e)every record of rights prepared and maintained under the Assam Land and Revenue Regulations, 1886, or any other law for the time being in force shall also include the particulars of every charge on any land or any interest thereon created under Clause (a).
