section 53
Charge on immovable property of members borrowing from certain societies
The Dadra and Nagar Haveli and Daman and Diu Co-Operative Societies Regulation, 2024Corporate2024155 sections12 chapters
Chapter IV INCORPORATION, DUTIES AND PRIVILEGES OF SOCIETIES
Statutory text
- (1) Notwithstanding anything contained in this Regulation or in any other law for the time being in force in the Union territory,—
- (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 prescribed form, which 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 Regulation, 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 clause (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 clause (b) until the whole amount borrowed by the member together with interest thereon, is repaid in full: Provided that it shall be lawful for a member to execute a mortgage bond in favour of the Administration in respect of such land or any part thereof, under the law for the time being in force in the Union territory, for the supply of water from a canal to such land: 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 the charge created under the declaration made under clause (a) or clause (b) such part of the movable or immovable property specified in the declaration, as it may deem proper, with due regard to the adequacy of the security for the balance of the amount remaining due from or outstanding against the member;
- (e) any alienation made in contravention of the provisions of clause (d) shall be void;
- (f) subject to the prior claims of the Administration in respect of land revenue or any money recoverable as land revenue, and to the charge, if any created under an award made under the law for the time being in force in any part of the Union territory: Provided that notwithstanding anything contained in the Land Revenue Code or any other law for the time being in force in the Union territory, 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 clause (b).
- (2) For the purposes of this section, the expression “society” means—
- (i) any society, the majority of which are agriculturists and the primary object of which is to obtain credit for its members; or
- (ii) any society, or any class of societies, specified in this behalf by the Administration by a general or special order.
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