Removal of disability in creation of charges and mortgages

Notwithstanding anything to the contrary contained in the Bihar and Orissa Cooperative Societies Act, 1935 (B. & O. Act VI of 1935) or any other law for the time being in force and notwithstanding the fact that any land or interest therein stands already mortgaged to or is subject to a charge of a co-operative society, it shall be lawful for an agriculturist to create a charge or mortgage on such land or interest therein in favour of a bank as security for any financial assistance given to the agriculturist by that bank.