(1)

Notwithstanding anything contained in any other law for the time being in force, but subject to any prior claim of Government 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, 1908 (V of 1908),-

(a) any debt or outstanding demand, owing to a society by any member or a person who has ceased to be a member shall be a first charge upon-

(b) any outstanding demands or dues payable to a society by any member or a person who has ceased to be a member, in respect of rent, shares, loans or purchase money or any other rights or amounts payable to such society, shall be first charge upon his interest in the immovable property of the society :

(2)

No property or interest in property, which is subject to a charge under sub-section (1) 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 sub-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 disposal of the produce of its members, may provide in its bye-laws, or may otherwise contract with its members,-

(a) that every such member shall dispose of his produce through the society, and

(b) that, any member, who is found guilty of a breach of the bye-law or of any such contract, shall reimburse the society for any resultant loss, determined in such manner as may be specified in the bye-laws.