48. Form of declarations be made by members borrowing loans from certain societies and conditions on which any charge in favour of a society shall be satisfied
(1) A declaration to be made under clauses (a) and (b) of Section 48 shall be in Form 'L'.
(2) A register of such declarations shall be kept by the society in Form 'M'.
1. Subs, by G.N. of 5-2-1975.
2. Ins. by G.N. of 5-2-1975.
(3) A charge on any immovable property created by a member in favour of a society for amounts borrowed or likely to be borrowed by him, from time to time, shall, subject to the provisions of clauses (c) and (d) of Section 48 continue in force till the person creating the charge ceases to be a member of the society.
(4) Where a member of a society creates a charge on his land or on his interest in any land as a tenant by declaration under Section 48, the society may, if compelled to make use of such property for the recovery of the loan granted to such member against the security of such property or interest in the property, utilise the whole or any portion of such property which may be sufficient to satisfy the amount due with interest and any incidental expenses incurred in that connection.
(5) Where a charge is created by a member on his land or on his interest in any land as a tenant by declaration under Section 48, the society shall record or cause to record such particulars of charge in the Record of Rights maintained by the village officers of the village where such property is situated. Such recording of the charge in the Record of Rights of the village shall be treated as a reasonable notice of such charge created under Section 48.