Section 46 in The Arunachal Pradesh Co-operative Societies Rules, 1984
46. Form of declarations to be made by members borrowing loans from certain societies and conditions on which any charge in favour of societies shall be satisfied.
(1)A declaration to be made under Clauses (a) and (b) of Section 49 shall be in Form 'L'.(2)A register of such declaration shall be kept by the society in Form 'K'.(3)A charge on any immovable property created by a member in favour of a society for amounts borrowed or likely to be borrowed by him, from time to time, shall, subject to the provisions of Clauses (c) and (d) of Section 49, continue in force till the person creating the charge ceases to be a member of the society.(4)Where a member of a society creates a charge on his land or on his interest in any land as a tenant by declaration under Section 49, the 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)Where a charge is created by a member on his land or on his interest in any land as a tenant by declaration under Section 49, the society shall record or cause to record such particulars of charge in the record maintained by the village officers of the village/Panchayat/Anchal Samiti where such property is situated. Such recording of the charge in the record of village/Panchayat/Anchal Samiti of the village shall be treated as a reasonable notice of such charge created under Section 49.
