law: Co-Operative Societies Act 2008 
  107.
  
  Assignment of charge
  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, mutatis mutandis , to an assignment so
  
  registered.
  3.      An assignment of a
  
  charge when registered shall operate as a first charge in favour of the
  
  assignee.
  4.      Where a 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, mutatis mutandis , to
  
  such re-assignment.