Creation of charge on land in favour of bank by declaration

(1) Where an agriculturist creates a charge on land, or any other immoveable 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 on the lines of 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 other immoveable property or his interest therein, as the case may be, to secure the financial assistance given 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 and every such variation shall take effect as if it had been an original declaration.