Restriction on disposal of property charged or mortgaged to a society

(1) Notwithstanding anything contained in any law for the time being in force, a member who has availed himself of financial assistance from a society by creating a charge or mortgage on land or interest therein, shall not, so long as the financial assistance continues to be outstanding, lease, transfer or create any encumbrance on such land or interest therein without prior permission in writing of the society in whose favour such charge or mortgage is created. (2) Any lease or transfer or encumbrance created in contravention of this section shall be void. (3) Nothing contained in any law relating to ceiling on agricultural holdings shall apply to the acquisition of land by a society charged or mortgaged to it as security for loan.