(1) Notwithstanding anything contained in the Registration Act, 1908, mortgage or a charge in respect of which a declaration has been made under clause (b) of section 53 or in respect of which a variation has been made under clause (c) of that section in favour of a society shall be deemed to have been duly registered in accordance with the provisions of that Act with effect from the date of such mortgage, charge, or variation as the case may be.
(2) The society shall send the declaration in duplicate, to the Sub-Registrar within the local limits of whose jurisdiction the whole or any part of the property mortgaged or charged is situated, by registered post, acknowledgement due, and shall retain a copy thereof for its own record.
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(3) The Sub-Registrar receiving the declaration referred in sub-section (2) shall record in a register to be maintained in this behalf the fact of the receipt of such declaration or variation for registration. After registration one copy of the declaration shall be returned to the society.
(4) Whenever a charge or mortgage on land or interest therein is created in favour of a society by a member the society may give intimation to the Tehsildar or such revenue officer as may be designated in this behalf by the Government of the particulars of the charge or mortgage created in its favour. The Tehsildar or the other revenue official shall make a note of the particulars of charge or mortgage in the record of rights relating to the land over which the charge or mortgage has been created.
(5) Notwithstanding anything contained in any law for the time being in force a member who has availed himself of financial assistance from a society by creating a charge or mortgage on land or interest therein shall not so long as the financial assistance continues to be outstanding, create any tenancy rights on such land or interest therein without prior permission in writing of the society.