Section 47 in Himachal Pradesh Co-Operative Societies Act, 1968
47. Charge on immovable properties of members borrowing loans from certain societies.
- Notwithstanding anything contained in this Act or in any other law for the time being in force,-(i)any person who makes an application to a society of which he is a member for a loan, if he owns any land or has interest in any land as a tenant shall make a declaration in the form prescribed. Such declaration shall state that the applicant thereby creates a charge on such land or interest specified in the declaration for the payment of the amount of the loan which the society may make to the member in pursuance of the application and for all future advances (if any) required by him which the society may make to him as such member subject to such maximum as may be determined by the society together with interest on such amount of the loan and advances;(ii)any person who has taken a loan from a society of which he is a member, before the date of coming into force of this Act, and who owns any land or has interest in any land as a tenant and who has not already made such a declaration before the aforesaid date shall, as soon as possible, thereafter, make a declaration in the form and to the effect referred to in clause (i), and no such person shall, unless and until he has made such declaration, be entitled to exercise any right as a member of the society;(iii)a declaration made under clause (i) or (ii) may be varied at any time by a member, with the consent of the society in favour of which such charge is created;(iv)no member shall alienate the whole or any part of the land or interest specified in the declaration made under clause (i) or (ii) until the whole amount borrowed by the member together with interest thereon is repaid in full:Provided that standing crops on any such land may be alienated with the previous permission of the society:Provided further that if a part of the amount borrowed by a member is paid, the society may, on an application from the member, release from charge created under the declaration made under clause (i) or (ii), such part of the movable or immovable property specified in the said declaration, as it may deem appropriate, with the due regard to the security of the balance of the amount remaining outstanding from the member.[Provided further that no charge on land need be created if the amount of loan advanced is less than such amount as may be fixed by the State Government from time to time by a notification and such loan may be allowed to any member on his furnishing two sureties from the fellow members.] [Substiuted by H.P. Ord. No. 4 of 1975, sec. 6 (replaced by H. P. Act No. 7 of 1976).](v)any alienation made in contravention of the provisions of clause (iv) shall be void;(vi)subject to the prior claims of the Government in respect of land revenue there shall be a first charge in favour of the society on the land or interest specified in the declaration made under clause (i) or (ii) for and to the extent of the dues owing by him on account of the loans and advances;(vii)the record-of-rights shall include the particulars of every charge on land or interest created under a declaration under clause (i) or (ii). The halka patwari shall note such charge in the village records within one week after the receipt of the declaration and shall thereafter return the declaration to the society concerned.
