Section 43(3) in Sikkim Co-Operative Societies Act, 1978
(3)Subject to the provisions of sub-section (1) and to the claim of any person in whose favour a charge has been created before the date of registration of the declaration made under sub-section (1), no land in respect of which such declaration has been made or any part thereof or any interest therein shall be sold or otherwise transferred until the entire amount of the loan or advance taken by the member from the society together with interest thereon is paid to the society; and any transaction in contravention of this sub-section shall be void:Provided that if a part of the amount borrowed by a member is paid, the society may on application from the member release from the charge such part of the land or interest therein as it may deem proper, having due regard to the security or the balance of the amount remaining outstanding from the member.
