Notwithstanding anything contained in this Act or in any other law for the time being in force -
(a) any person, who makes an application to a society of which he is a member for a loan other than a short term loan or for a bank guarantee and/or a person, who executes a guarantee for such person, shall make a declaration in the prescribed form, which shall state that the applicant and/or guarantor thereby creates a charge on the immovable property owned by him/them and specified therein for the payment of the amount of the loan, advances or guarantee, as the case may be, which the society may make to the member in pursuance of the application and for all future advances, if any, required by him from time to time 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 or guarantee;
(b) a declaration made under clause (a) may be varied at any time by a member or guarantor thereof with the consent of the society in favour of which such charge is created and shall, subject to any prior claim of the Government in respect of land revenue or any money recoverable as land revenue or of a landholder in respect of rent or any money recoverable as rent, have the same effect as if the property covered by the declaration were mortgaged to the society for the repayment of the loan and advances therein specified and, notwithstanding anything contained in the Registration Act, 1908 (Central act 16 of 1908) or in any other law for the time being in force, the registration of such declaration shall not be compulsory;
(c) no member shall alienate the whole or any part of the immovable property specified in the declaration made under clause (a) until the whole amount borrowed by the member together with interest thereon is paid in full and any alienation of property made in contravention of this clause shall be void;
(d) subject to the prior claims of the Government in respect of land revenue or any money recoverable as land revenue or to the claims of Land Development Bank in respect of its dues, there shall be a first charge in favour of the society on the immovable property specified in the declaration made under clause (a) for and to the extent of the dues owing by him on account of the loan and advances; and
(e) an entry relating to a charge created by a declaration under clause (a) on the agricultural holding of the person making the declaration shall, upon an application made, at any time after such declaration, by such person or by the society, in whose favour the charge is created, to the Tehsildar either direct or through the village Patwari or Land Records Inspector, be made in the annual register maintained under Chapter VII of the Rajasthan Land revenue Act, 1956 (Act No. 15 of 1956) in the manner provided for in that Chapter and the rules made thereunder and for that purpose, such application shall be deemed to be a report under section 133 of that Act.