Notice of creation of charge and mortgage in favour of bank to be given to co-operative society.

A charge or mortgage, on any land or interest therein may be created by an agriculturist under section 3, notwithstanding anything to the contrary contained in the Co-operative Societies Act, and notwithstanding that such land or interest therein, stands already charged or mortgaged to co-operative society provided that prior notice thereof is given by such agriculturist to the co-operative society concerned.