Section 83D in The Orissa Co-operative Societies Act, 1962
83D. [ Charge how created and its effect. [Inserted by Orissa Act No. 1 of 1979 Section 5-See Orissa Gazette Extraordinary dated 25.1.1979.]
(1)Every applicant for a loan to be given by a [Co-operative Agricultural and Rural Development Bank] against the creation of a charge on any land which he owns or in which he has an interest shall, on his application being granted, make a declaration in the prescribed form declaring that thereby he creates in favour of that bank a charge on such land or his interest therein, as the case may be, to secure the loan.(2)A declaration made under Sub-Section (1) may be varied from time to time by the applicant with the consent of the bank in whose favour the declaration has been made and any such variation shall take effect from such date on which the variation if it had been an original declaration, would have effect under Sub-Section (3).(3)Notwithstanding anything contained in the Registration Act, 16 of 1908, a charge in respect of which a declaration has been made under Sub-Section (1) or in respect of which a variation has been made under Sub-Section (2) by an applicant in favour of the bank in respect of loan given by that bank shall be deemed to have been duly registered in accordance with the provisions of that Act, with effect from the date of the charge or variation, as the case may be, provided that the bank sends to the Sub-Registrar within the. local limits of whose jurisdiction the whole or any part of the property charged is situate within a period of thirty days, by registered post with acknowledgment due, two copies of the documents creating such charge or variation duly certified to be true by an employee of the bank authorised to sign on its behalf.(4)Notwithstanding contained in any law for the time being in force an applicant who has availed of a loan from a [Co-operative Agricultural and Rural Development Bank] [Substituted by Orissa Act 23 of 1994 Section 5.] by creating a charge on land or interest therein, shall not, so long as the loan continues to be outstanding, lease out. or create any tenancy right on such land or interest without prior permission in writing of the bank.(5)Any lease granted or tenancy rights created in contravention of this Section shall be void.]
