Power of a co-operative farming society to raise loan of the mortgage of land held by it

Subject to such conditions as may be prescribed, a co-operative farming society may for the purpose of raising a loan from the State Government or any co-operative society, mortgage without possession any land held by it in its own name and, after obtaining an authorization in writing from the members concerned, the land contributed by its member under sub-section (1) of section 79, anything to the contrary contained in the Transfer of Property Act 1882, or any other law for the time being in force notwithstanding.