Creation charge in favour of Uttarakhand State co-operative Bank

(1) A person desirous of securing financial assistance from Uttarakhand State co-operative Bank by hypothecation of movable property owned by him may make a declaration in writing on a duly stamped paper that he thereby hypothecates such property in favour of the Bank. (2) When a person desirous of securing financial assistance from Uttarakhand State co-operative Bank does not posses property of sufficient value to secure the loan financial assistance may be provided to him by the bank on furnishing sureties to the satisfaction of the bank subject to such condition if any, as may be prescribed. (3) The provisions of this Act and rules made there under relating to charge and mortgage made under this Act shall mutatis mutandis apply to hypothecation of movable property made under this Act.