First charge of Co-operative Society on certain assets.

(1)Notwithstanding anything contained in any law for the time being in force but subject to any prior claim of the Government in respect of land revenue or any money recoverable as arrears of land revenue and subject to the provisions of the Tenancy Act, Samvat 1980 any debt or outstanding demand owing to a co-operative society by any member or past member or deceased member, shall be first charge upon the crops and other agricultural produce, cattle, fodder for cattle, agricultural or industrial implements or machinery, raw material for manufacture and any finished products manufactured from such raw materials, belonging to such member, past member or forming part of estate of the deceased member, as the case may be.

1. (2) No person shall transfer any property which is subject to a charge under sub-section (1) except with the previous permission in writing of the cooperative society which holds the charge.
2. (3) Any outstanding demands or dues payable to a housing society by any member or past member or deceased member in respect of rent, shares, loans or purchase money or any other rights or amounts payable to such society shall be a first charge upon his interests in the immovable property of the society. No member or past member or a heir of a deceased member shall transfer any property or his interest in the immovable property of the society which is subject to a charge except with the previous permission in writing of the co-operative society which holds the charge.
3. (4) Notwithstanding anything contained in any law for the time being in force, any transfer of property made in contravention of the provisions of subsections (2) and (3) shall be void.