(1) Notwithstanding anything contained in sections 60 and 61 of , the Code of Civil Procedure, 1908 any debt or outstanding demand e 1 1 ’ ll due to a registered society by any member, surety .past member or A e t c the estate of any deceased member shall be a first charge - THE ASSAM GAZETTE, EXTRA ORDINARY, FEBRUARY 4, 2012 403
(a) if such debt or the demand is due in respect of the supply, or any loan to provide the means of such supply, of seed, manure, labour, fodder for cattle or any other thing incidental to the conduct of agricultural operations upon the crops or agricultural produce of such member, past member, or belonging to the estate of such deceased member, at any time within two years from the date of such supply or loan or from the days on which the last installment of such supply or loan became repayable ;
(b) if such debt or demand is due in respect of the supply of or any loan for the purchase of cattle, agricultural implements or warehouses for the storage of agricultural produce in the manner and to the extent aforesaid upon the crops or agricultural produce of such member, past member or belonging to the estate of such deceased member and also upon the cattle, agricultural implements or warehouse thus supplied or purchased wholly or in part from any such loan;
(c) if such debt or demand is due in respect of the supply of loan for the purchase of raw materials, industrial implements, machinery, workshop, warehouses or business premises upon the raw materials or other things supplied or purchased by such member, past member or the deceased member wholly or in part from any such loan and also upon any articles manufactured from raw materials or with implements or machinery so supplied or purchased wholly or in part from any such loan ;
(d) if such debt or demand is due in respect of any loan for the purchase, improvement or redemption of land or for the purchase or construction of any house, building or any portion thereof, upon the land purchased, improved or redeemed or the house or building so purchased or constructed by such member, past member or the deceased member from any such loan ;
(2) Notwithstanding anything contained in this Act or any other law for the time being in force ,-
(a) a member who makes an application for a loan to a cooperative society of which the majority of the members are agriculturists shall, if he owns any land or has any interest in any land as a tenant, make in such forms as may be prescribed, a declaration that he thereby creates a charge upon such land or such interest, or such portion thereof, as may be specified in the declaration for securing the repayment of the loan which the society may make to the members on the application and of future loans ,if any, that may be made to him, from time to time by the society together with interest on such loan or loans ;
404 THE ASSAM GAZETTE, EXTRA ORDINARY, FEBRUARY 4 ,2 0 1 2 CHARGE AND SET OFF IN RESPECT OF SHARES OR INTEREST OF MEMBERS
(b) a declaration made under clause (a) may be varied or cancelled at any time by the members making it, with the consent of the society in whose favour it is made;
(c) any land or interest in land in respect of which a declaration has been made under clause (a) or any part of such land or interest, shall not be sold or otherwise transferred by the member making the declaration until the entire amount of the loan or loans taken by the member from the society together with interest thereon is paid to the society :
Provided that nothing in this clause shall apply to any such part of such land or interest as may have been released from the charge created under this section under the proviso to clause (d );
(d) subject to any claim of the State Government in respect of land revenue or any sum recoverable as land revenue or as public demand, there shall be a first charge in favour of the society on the land or interest in land specified in the declaration made under clause (a) for and to the extent of the dues recoverable from the member making the declaration on account of the loan or loans together with any interest thereon made to him by the society :
Provided that if a part of such dues is paid by the member, the society may ,on the application of the member and with the approval of the financing bank to which it may be indebted, release from the charge such part of the land or interest in the land specified in the declaration made under clause (a) as the society may, having due regard to the security of the outstanding amount of the loan or loans made to the member deem proper;
(e) every record of rights prepared and maintained under the Assam Land and Revenue Regulation, 1886 or any other law for the time being in force shall also include the particulars of every charge on any land or any interest thereon created under clause
(a).
75. A registered society shall have a charge upon the share or interest in the capital and on the deposits of a member or past member or deceased member and upon any dividend, bonus or surplus payment to a member or past member or the estate of a deceased member in respect of any debt due from such member or past member of estate of such deceased member to the society, and may set off any sum credited or payable to a member or past member or estate of a deceased member in or towards payment of any such debt.
A .\ - Regula tion I of 1886 THE ASSAM GAZETTE, EXTRAORDINARY, FEBRUARY 4, 2012 405 DEDUCTION OF DUES FROM SALARY OF MEMBERS EXEMPTION FROM COMPULSORY REGISTRATION AND PERSONAL ATTENDANCE REGISTRATION OF INSTRUMENTS EXEMPTION ,r ROM REGISTRATION OF MORTGAGE DEEDS EXECUTED IN FAVOUR OF COOPERATIVE LAND DEVELOPMENT BANK OR PRIMARY SOCIETY
76. If a member of a registered society, who is an employee of the Government or any local authority, takes a loan from a society and contracts to repay it by installments, and authorises the society to recover such installments by deduction from his salary, the person who disburses any amount payable to such member as salary or remuneration in respect of such employment shall on demand from the society, deduct the amount of such installment from the amount disbursed to such members as salary and shall forthwith remit to the society the amount so deducted.
77. Nothing in clauses(b) and (c) of sub-section (1) of section 17 of the Indian Registration Act, 1908 shall apply to -
(1) any instrument relating to share in a registered society, notwithstanding that assets of such society consists in whole or in part of immovable property ; or
(2) any debenture issued by any such society and not creating, declaring, assigning .limiting or extinguishing any right, title or interest to or in immovable property, except ,in so far as it entitles the holder to the security afforded by a registered instrument whereby the society has mortgaged, conveyed or otherwise transferred the whole or part of its immovable property or any interest therein to trustees upon trust for the benefit of the holder of such debentures;
(3) any endorsement upon or transfer of any debenture issued by any such society;
(4) notwithstanding anything contained in the Indian Registration Act, 1908, it shall not be necessary for any office bearer of a registered society or a liquidator of a society to appear in person or by agent at any registration office in any proceeding connected with the registration of any instrument executed by him in his official capacity or to sign as provided in section58 of that Act.