(3)An application made by a person other than the occupant or superior holder shall not be sanctioned unless such applicant furnishes suitable security for the payment of water-rates or other charges which may become payable in respect of any obligation arising out of the sanction of such application, by the execution either of a bond in Form VIII with two sureties to be approved by the officer sanctioning the application or of a mortgage bond in Form IX. In the case of a person who is a member of a co-operative society as defined in the Bombay Co-operative Societies Act, 1925 and who has taken a loan from such society under section 24-AA thereof and has made a declaration in respect of his land in the manner required by clause (i) or (ii) of that section, the execution of a mortgage bond, if any, shall be made in Form IX-A.
