Removal of disability in creation of charges and mortgages

Notwithstanding anything to the contrary contained in the Maharashtra Co-operative Societies Act, 1960, or any other law for the time being in force; and notwithstanding that any land (or any interest therein) stands already charged or mortgaged to a co-operative society, an agriculturist may create a charge on or mortgage such land (or interest therein) in favour of a bank as security for any financial assistance given to the agriculturist by that bank, provided that prior notice thereof is given by such agriculturist and by that bank to the co-operative society concerned.