Charge and set-off in respect of shares or contribution of members

(4) cancellation thereof made under Sub-Section (3) shall be sent by registered post by the Society concerned to the Sub-registrar having jurisdiction over the area in which such land or property situates, on receipt of which the Sub-Registrar shall, if it is in order, register such declaration or the variation or cancellation thereof and issue a copy thereof to the said Society. Where it is not in order, he shall return it to that Society without registration. The declaration or any variation or cancellation thereof shall have effect only on the date of registration. (5) No person shall transfer any property which is subject to a charge under Sub-Section (1) or Sub-Section (2) except with the previous permission in writing of the Society which holds the charge. (6) Notwithstanding anything contained in any law for the time being in force, any transfer of property made in contravention of the provisions of Sub-Section (5) shall be void. (7) Notwithstanding anything contained in the Provincial Insolvency Act, 1920 (5 of 1920) or any corresponding law for the time being in force, the dues of a Society from a member in insolvency proceedings against him shall rank in order of priority next to the dues payable by him to Government. (8) Without prejudice to the provisions of Sub-Section (7) the charge created under Sub-Section (1) or Sub-Section (2) shall have priority over any claim of the Government in respect of a loan granted under the Land Improvement Loans Act, 1883 (19 of 1883) or the Agriculaturists Loan Act, 1884 (12 of 1884) or the Orissa State Aid to Industries Act, 1978 (Orissa Act 32 of 1978) after the grant of the loan by the Society anything contained in Sub-Section (1) notwithstanding. (9) The provisions contained in Section 87 shall mutatis mutandis, apply in respect of a charge created in favour of a Society under Sub-Section (1) or Sub-Section (2).