Creation of charge on land in favour of a bank by declaration

(1) Where an agriculturist creates a charge on land or any other immovable property, which he owns or in which he has an interest, in respect of any financial assistance given to him by a bank, he may make a declaration in accordance with the form set out in the Schedule or as near there to as circumstances permit, declaring that there by he creates in favour of the bank, a charge on such land or his interest there in or other immovable property, as the case may be, to secure the financial assistance provided to him by the bank.

(2) A declaration made under sub-section (1) may be varied from time to time by the agriculturist with the consent of the bank in whose favour the declaration has been made. Such variation shall take effect from such date on which the variation, if it had been an original declaration would have effect under section 8.