section 5
Creation of charge on land in favour of bank by declaration.
The Maharashtra Provision of Facilities for Agricultural Credit by Banks Act, 1974Finance197425 sections6 chapters
Chapter II Rights of agriculturists to alienate land or interest therein in favour of banks
Statutory text
- (1) Whereas 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 thereto as circumstances permit, declaring that thereby he creates, in favour of the bank, a charge on such land or his interest therein, 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.
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