(1) A charge created under section 102 shall be duly executed if signed by the person in quintuplicate in the presence of—
(a) the chairperson or president of the society; and
(b) the secretary of the society.
(2) The secretary shall—
(a) file one copy of the charge at the registered office of the society and deliver one copy each to the Registrar of the High Court, the Registrar of Co-operative Societies and the National League or National Council; and
(b) deliver one copy to the member.
(3) The Registrar of the High Court shall keep a book known as the “Co-operative Societies Charges Book” in which he or she shall register every charge delivered to him or her by the secretary of a society, and issue to the society a certified copy of the registration.
(4) The registration of a charge under subsection (3) shall constitute a first charge and security in favour of the society and shall be deemed to affect with notice any person dealing with the property comprised in the charge.
(5) Where a loan or other indebtedness in respect of which a charge was created is discharged, the secretary of the society shall—
(a) cause a document to that effect to be prepared in quintuplicate, and signed by the chairperson or president and secretary of the society indicating that the charge has been discharged; and
(b) file one copy of such document, deliver one copy each to the Registrar of Co-operative Societies, the National League or National Council and the Registrar of the High Court who shall make an entry of satisfaction in the Co-operative Societies Charges Book; and
(c) deliver one copy to the member.
(6) Any person may, on payment of the fee prescribed in the Regulations, inspect the Registered Societies Charges Book and take extracts from it.
(7) Despite anything contained in this section, every charge subsisting at the commencement of this Act in favour of a registered society shall be deemed to be registered in the Co-operative Societies Charges Book, and any such charge shall, without prejudice to anything contained therein, have the same force and effect as a charge created under this Act.