(1) It shall be lawful for an agriculturist to create a charge on the moveable property owned by him or on the crops raised by him standing or otherwise, or other produce from, land cultivated by him, to the extent of his interests therein, in favour of a bank to secure financial assistance from that bank, notwithstanding that he may not be owner of the land on and from which such crop or produce is raised.
(2) Notwithstanding anything to the contrary in * * *5 the Uttar Pradesh Co-operative Societies Act, 1965 or any other law for the time being in force, no charge in respect of any debt or other outstanding demand due to a co-operative society from an agriculturist shall have priority over a charge on the crop raised by him, standing or otherwise, or any other movable property in respect of any financial assistance given to him by a bank provided the financial assistance made by the bank is prior in point of time to the debt or demand of the co-operative society.