(1) A society may borrow from any other society or from any bank approved by the Registrar on the security of any charge executed and registered in accordance with section 103 and may for this purpose assign any such charge to the other society or bank.
(2) An assignment of a charge under this section shall be registered in the same manner as a charge and section 103 shall apply, with the necessary modifications, to an assignment so registered.
(3) An assignment of a charge when registered shall operate as a first charge in favour of the assignee subject to section 104.
(4) Where any charge is assigned to a registered society established with the object of facilitating the operation of other societies, such society may borrow from any bank approved by the Registrar and for this purpose may re-assign any such charge to such bank and subsections (2) and (3) shall apply, with the necessary modifications, to such re-assignment.