Section 15: Creation of charges in favour of a registered society.

Subject to the prior claims of the Federal or the State Government the property of the debtor and to the lien or claim of a landlord in respect of or any money recoverable as rent and in the case of immovable property, any prior registered charge thereon-(a) a debt or outstanding demand payable to a registered society by a present or past member shall be a first charge-
(i) on all crops, forest produce, marine produce, fish, livestock, fodder, agricultural, industrial and fishing implements, plant, machinery, boat, tackle and knots, raw materials, stock in trade; and
(ii) generally on all produce of labour and things used in connection with the production, raised, purchased or produced in whole or in part from any loan whether in money or in goods given to a member or past member by the society, provided that nothing therein contained shall effect the claims of any bona fide purchaser or transferee for value without notice;
(b) any outstanding demand or dues payable to a registered society by a present or past member or in respect of rent, shares, loans, purchase money, or any other rights, or amount payable to such society shall be a first charge upon his interest in the immovable property of the society.