Charge on properties of members borrowing from Co-operative Agricultural and Rural Development Bank

(1) Where a mortgage or charge is created in favour of a Co-operative Agricultural and Rural Development Bank by any person for the purpose of securing a loan, the same may be created by the declaration of one or more of the co-sharers of a Hindu Joint Family or by any Co-owner or by any purchaser from them, who is or are in possession of the said property on the date of the mortgage or charge and such possession is certified by a Revenue Officer not below the rank of a Revenue Inspector in the form to be prescribed by the State Co-operative Agricultural and Rural Development Bank, the same shall remain a first charge on the said land and the certificate of possession so granted shall be conclusive and binding and shall not be called in question in any Court or Tribunal. (2) Notwithstanding anything contained in any other law, custom or usage to the contrary, any loan given by a Co-operative Agricultural and Rural Development Bank shall remain a first charge on the property so mortgaged till it is fully satisfied and discharged, notwithstanding a partition, settlement, sale, gift, transfer, encumbrance, charge or any other liability made or created, whether by or through Court, or under any Act, mutual agreement, arbitration or by any other means, and any person who acquires the said property in any manner whatsoever shall be liable to discharge the loan. (3) The aforesaid provisions shall apply notwithstanding the provisions of the Orissa Consolidation of Holdings and Prevention of Fragmentation of Land Act, 1972 (Orissa Act 21 of 1972) and the Orissa Land Reforms Act, 1960 (Orissa Act 16 of 1960).