Section 54A(4) in The Assam Co-operative Societies Rules, 1953
(4)When a member of a society creates a charge on his land or his interest on any land as tenant by declaration, the society may, if compelled to make use of such property or interest in the 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 this connection.
