(1) No twith sta nd ing any thin g to the c on tra ry ny law for the time being in for ce ,—
(a) no charge or mortgage cre ate d on auy land or inte rest therein , afte r the comm - encement of this Act , in favour of the Government or a Co-o pera tive Society, shall hav e priori ty ove r a cha rge or mortga ge on such land or intere st cre a ted by an agriculturi st in favour of a bank as securi ty for financial assis tance given to the agriculturist by the bank af te r th e comm encement of this Act and pr io r to the c harg e or m ortgage in favo ur of the Government or the Co- operative Society ; and
(b) any charge or mortgage created on any land or interest therein in favour of a bank in respect of finan cial assis tance given to an a gricul tur ist by that ban k shall have pr io rit y over any oth er charge or mo rt gage th at may have been created over such lan d or interest in fav our of any perso n oth er tha n the Gov ernm en t, a co-operative society or any oth er ban k, pr ior to the da te on which the charge or mortgage was created in favour of the bank.
(2) Where diffe rent charges or mortgages over the same land or interest there in have been created by an agri cul turi st in fav our of the Gover n ment, a co-opera tive society or a bank or more tha n one bank any such c harge or mortgage cre ate d as secur ity for financia l assis tance given by the Government , Co-opera tive S o c i e t y or the bank or ban ks by way of term laan for deve lopm ent purp oses shall have priori ty over other charges or mortgages or mor t gage cr eated in favou r of the Governm ent, co-opera tive society or any of the banks, pro vid ed pr io r notice of any such financia l assistance by wa y of term loan for development purposes had been given to such Government , co-opera tive society or ban k and such Goverment , co-o pera tive society or ba nk has conc urred in such financial assistance, and where more than one such cha rge or mortgage is as securi ty for finan cial assistance given by way of e> THE ASSAM GAZETTE, EX TR AO RD INAR Y, MA Y 2, 1977 305 term loan , the charges or mortgages by way of security for term loan for development purp oses will rank for priori ty in accordance with the da te of the ir creatio n.
Exp la na tion :—For the purposes of thi s section, “ te rm loa n for develop men t pu rp os e” sha ll mean finan cial assistance which would general ly lead to improve men t on agr icu lture and or bui ldin g up of assets in agr icu ltur e but shall not include financial assistance for mee ting working cap ita l expenses, seasonal agr icu ltur al opera tion and marke ting of crops.
(3) Nothing in this sec .ion shall app ly to borrowings only from one or more co-o perativ e societies incl udin g land mortga ge bank .
Re gis tra tio n 9. (1) Notwi thst and ing a nything con tained in the • f charg e India n Reg istr atio n Act, 1908, a charge in respec t o f a« d mor t- w h ic h a decla rat ion has been made under sub-section fa vo ur 1 o f 0 ) section 6 or in respect of which a variation Banks. has been mad e under sub-section (2) of tha t section or a mortgage executed by an agr icu lturis t in favour of a b ank i n respect of financial assis tance given by that b ank , sha ll be deemed to have been duly regis tered in accordance with the provisions of that Act with effect from the da te of such charge, varia tion • r mortgage as the case may be, pro vided th at the ba nk sends to the Sub-Registra r with in the local limits of whose ju ris dic tio n the whole or any pa rt of the pro perty charged or mortga ged is situated with in the time stip ula ted by the State Governme nt for this pur pose by registered post acknowledge ment due , a copy of the doc ument creatin g such charge, va ria tion or mor tgag e duly cer tified to be a true copy by an employee of the bank au th o rised to sign on its beh al f;
(2) The Sub -Re gist rar rece iving the d eclara tion in respect of a cha rge or var iat ion or a mortgage ref err ed to in sub-section (1) shall, as imm edia tely as practicab le on rec eip t ther eof , reco rd, in a reg ister to be ma intain ed in this be ha lf the fact of the rece ipt of such dec lara tion , va ria tion or mortgage for regi stra tion .
Notiaf of 10- Whenever a charge or a m ortgag e on loan ch arge or or intere st the reia is created in favour of a bank mo rtg age ^ y an agri cul tur ist the bank may give int ima tion fav our of™ a t o Sub-Deputy Collector or such oth er revenue bank in the o ff ic ia l as may be designated in this be ha lf by Rec or d of the State Gover nm ent , of the partic ula rs of the Rights. charge or mortgage in its favour . Th e Sub-Deputy 306 TH E AS SA M GA ZE TT E, EX TR AO RD IN AR Y, MAY 2, 1977 Res tr ic tio ns on cre ation of tenancy by an ag ri • cu ltu ris t bo rrow er .
Re mo va l ba r to Col lector or the oth er revenue offic ial shall make a no te of the pa rti cu lar s of cha rge or mortgage in the Rec ord of Righ ts relatin g to the land over which the charge or mortgage is created.