(1) Notwithstanding anything (contained) in any other law for the time being in force, but subject to any prior claim of Govern.
‘ment in respect of land, revenue or any money recoverable as land revenue and to the provisions of sections 60 and 61 of the Code of Civil Procedure, 19089 17 Power to exempt from taxation.
Restrictions on borrowinsS.
Restrictions on loans.
Restrictions gon other transactions with non-mem— bets.
Charge and of share or interest of member.
Prior claim of society .
18 Charge on immovable property of members borrowing from certain societies, (8.) any debt or outstanding demand, owing to a society by any member or past member or deceased member shall be a first charge,—
(i) upon to crop or other agricultural produce raised in Whole or in part Whether with or without a loan taken from the society by such member or past member or deceased member,—— ,
(ii) upon any cattle, fodder for cattle, agricultural or industrial implements or machinery, or raw materials for manufacture, or workshop, godown or place of business, supplied to or purchased by such member or past member or deceased member in whole or in part, from any loan Whether in money or goods made to him by the society, and
(iii) upon any movable property Which may have been hypothecated, pledged or otherwise mortgaged by a member with the society, and remaining in his custody ;
(b) any outstanding demands or dues payable to a society by any member or past member or deceased member, in respect of rent, shares, loans or purchase money or any other rights or amounts payable to such Society, shall be a first charge upon his interest in the immovable property of the society.
Explanation—The prior claim of Govarnment in respect of dues other than land revenue, shall be restricted for the purpose of subsection (1) to the 1[aSSets created by a member out of the funds in respect of which the Government has a claim.
(2) No property or interest in property, which is subject to a charge under the foregoing sub-section, shall be transferred in any manner without the previous permission of the society ; and such transfer shall be subject to such conditions, if any, as the society may impose.
(3) Any transfer made in contravention of snb-section (2) shall be Void. -
(4) Notwithstanding anything contained in sub-sections (2) and
(3), a society, which has as one of its objects the disoposal of the produce of its members, may provide in its bye-laws, or may otherwise contract with its member,s—
(a) that every such member shall dispose of his produce through the society, and
(b) that any member, who is found guilty of a 2[breach of the bye—laws or of any such contract, shall reimburse the society for any loss, determined. in such manner as may be specified in the bye-laws.
48. Notwithstanding anything contained in this Act or in any other law for the) time being in force,— Amendments ‘ 1, ' The word “assets” was substituted for the word "estate” by Manipur Act No, 12 ..of 1984, section 2(i).
' 2 x The word “breach” was substituted for the word “branch” by Mampur Act ' No. 12 of 1984, section 2 (ii),
(a) any person who makes an application to a society 'of Which he is a, member, for a loan shall, if he owns any land or has interest in any land as a tenant, makes declaration in the form prescribed, such declaration shall state that the applicant thereby creates a charge on such land or in interest specified in the declaration for the payment of the amount of the loan which the Society may make to the member in pursuance of the application and for all future advances (if any) required by him which the society may make to him as such member, subject to such maximum as may be determined by the society, together with interest on such amount of the loan and advances;
(b) any perSOn who has taken a loan from a society of which he is a member, before the date of the coming into force of this Act, and who owns any land or has interest in land as tenant, and who has not already made such a declaration before the aforesaid date shall, as soon as possible thereafter make a declaration in the form and to the efiect referred to in clause (a), and no such person shall, unless and until he has made such declaration, be entitled to exercise any right as a member of the society ;
(e) a declaration made under clause (a) or (b) may be Varied at any time by a member, with the consent of the society in favour of which sueh charge is created ;
(d) no member shall alienate the whole or any part of the land or interest therein, specified in the declaration made under claUSe (a) or (b) until the whole amount, borrowed by the member together with interest thereon, is repaid in full ;
Provided further that, if a part of the amount borrowed by a member is paid, the General Financing Agency may, on an application from the members, release from the charge created under the declaration made under clause (a) or (b) such part of the movable or immo-vable property specified in the said declaration, as it may deem proper,with due regard to the security of the balance of the amount remaining outstanding from the member ;
(e) any alienation made in 1[contravention of the provisions of clause (d) shall be void ;
(f) subject to the prior claim of the GOVernment in respect of land revenue or any money recoverable as land revenue, and to the charge ( if any ) created under an award made under any law for the time being in force in any part of the State, there shall be a first charge in favour of the society on the land or interest specified in the declaration made under clause (a) or (b) for and to the extent of the dues owing by him on account of the loan.
Amendments ’ l. The word “contravention” was substituted for the word “contravent” byManipur Aot12 of 1984. See. 3.
19 20 Deduction from salary to meet society’s claim in certain case.
Direct party nership of State Govt.
in societies;
(g) and in particular, notwithstanding anything contained i the Manipur Land Revenue and Land Reforms Act, 1 or any corresponding law for the time being in force, h“ Records of Rights maintained thereunder shall also inelab the particulars of every charge on land or interest creed under a declaration under clause (a) or (b)
Explanation— For the purpose of this section, the eXprem't- “society” means—
(i) any reSOurce society, the majority of the membersi which are agriculturists and the primary object of which is to obtain credit for its members, or
(ii) any society, or any class of societies, specified in this behalf by the State Government, by a general or special order.