(1) Where an agriculturist creates a charge on land or any other immovable property, which he owns or in which he has an interest, in respect of any financial assistance given to him by a bank, he may make a declaration in accordance with the form set out in the Schedule or as near there to as circumstances permit, declaring that there by he creates in favour of the bank, a charge on such land or his interest there in or other immovable property, as the case may be, to secure the financial assistance provided to him by the bank.
(2) A declaration made under sub-section (1) may be varied from time to time by the agriculturist with the consent of the bank in whose favour the declaration has been made. Such variation shall take effect from such date on which the variation, if it had been an original declaration would have effect under section 8.
CHAPTER III CHARGES AND MORTGAGES IN FAVOUR OF BANKS BY AGRICULTURISTS AND PRIORITIES THEREOF.
6. A charge or mortgage, on any land or interest therein may be created by an agriculturist under section 3, notwithstanding anything to the contrary contained in the Co-operative Societies Act, and notwithstanding that such land or interest therein, stands already charged or mortgaged to co-operative society provided that prior notice thereof is given by such agriculturist to the co-operative society concerned.