Full legislation
s.14
Creation of charges in favour of registered societies
any debt or outstanding demand payable to a registered society by any member
or past member shall be a first charge on all crops or other agricultural
produce, felled timber or other forest produce, marine produce, fish
(
fresh-
water and
salt-
water), livestock, fodder, agricultural, industrial and
fishing implements, plant, machinery, boats, tackle and nets, raw materials,
stock in trade and generally all produce of labour and things used in connexion
with production raised, purchased or produced in whole or in part from any loan
whether in money or in goods given him by the
society:
Provided that nothing herein
contained shall affect the claim of any bona fide purchaser or transferee
without notice;