Section 146 in West Bengal Co-operative Societies Rules, 2011
146. Creation of second mortgage on a co-operative land, house or apartment in favour of the employer by a member employed in the public sector.
Any member of a housing co-operative society, who is an employee of the central or the state government or any public undertaking or government sponsored institution, may on being formally allotted land, house or apartment by the society of which he is a member, obtain loan from his employer on such terms and conditions as may be imposed by the employer and such loan, either in lump or in suitable instalments, as the case may be, shall be paid to him or on his authority to the housing co-operative society of which he is a member or the West Bengal State Co-operative Housing Federation Limited as may be decided by the employer upon an agreement by the Loanee member to assign the right with the co-operative housing society upon a further agreement to pledge his gratuity or deposits or interest. He shall also be required to execute a second mortgage in favour of his employer after completion of the house or the apartment.
