48.Charge on immovable property of members borrowing from certain societies
Notwithstanding anything contained in this Act or in any other law for the time being in force,—
(a)any person who makes an application to a society of which he is a member, for a loan shall, if he owns any land or has interest in any land as a tenant, 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 ;
(b)any person who has taken a loan from a society of which he is a member, before the date of the coming into force of this Act, and who owns any land or has interest in 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 (a); 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 ;
(c)a declaration made under clause (a) or (b) may be varied at any time by a member, with the consent of the society in favour of which such charge is created
(d)no member shall alienate the whole or any part of the land or interest therein, specified in the declaration made under clause (a) or (b)until the whole amount borrowed by the member together with interest thereon, is repaid in full :
Provided that, it shall be lawful to a member to execute a mortgage bond 1[in respect of such land or any part thereof in favour of 2[a Co-operative Agriculture and Rural Multipurpose Development Bank] or of the State Government] under the Bombay Canal Rules made under the Bombay Irrigation Act, 1879* or under any corre- sponding law for the time being in force for the supply of water from a canal to such land, or to any part thereof :
Provided further that, if a part of the amount borrowed by a member is paid, 3[the society with the approval of the Central Bank to which it may be indebted] may, on an application from the member, release from the charge created under the declaration made under clause (a) or (b), such part of the movable or immovable property specified in the said declaration, as it may deem proper, with due regard to the security of the balance of the amount remaining out- standing from the member ;
(e)any alienation made in contravention of the provisions of clause (d) shall be void ;
(f)4[subject to all claims of the Government in respect of land revenue or any money recoverable as land revenue, and all claims of the 5[ Co-operative Agriculture and Rural Multipurpose Development Bank] in respect of its dues, in either case whether prior in time or subsequent,] and to the charge (if any) created under an award made under the Bombay Agricultural Debtors Relief Act, 1947 or any corresponding law for the time being in force in any part of the State, there shall be a first charge in favour of the society on the land or interest specified in the declaration made under clause (a) or (b), for and to the extent of the dues owing 6[by the member] on account of the loan ;
(g)and in particular, notwithstanding anything contained in 7[Chapter X of the Maharashtra Land Revenue Code, 1966] the Record of Rights maintained thereunder shall also include the particulars of every charge on land or interest created under a declaration under clause (a) or (b) 8[and also the particulars of extinction of such charge. ]
Explanation.– For the purposes of this section, the expression “ society ” means––
(i)any resource society, the majority of the members of which are agriculturists and the primary object of which is to obtain credit for its members, or
(ii)any society, or any society of the class of societies specified in this behalf by the State Government, by a general or special order.
