Amendment status not verified — confirm the current text below against the official source.
(1) If a Co-operative Society is unable to bank to pro- pay its debts to a bank from which it has ceed against borrowed, by reason of its members defaulting mem bers8o fa^ n payment of the money due by them, the bank Go-operative may direct the comm ittee of such society to proceed Society. against such members by taking action under the Assam Co-operative Societies Act, 1949 (Act 1 of 1950) (2) If the committ e of the Co-operative Society fails to proceed against its defaulting members within a period of nin ety days from the date of receipt of such direction from the bank, the bank; itself may proceed against such defaulting members in which event, the provisions of the Assam Co operative Societies Act, 1949 (Act I of 1950), the rules and the bye-laws made there under shall apply as if all references to the society or its comm ittee in the said provisions, rules and bye laws were references to the bank; (3) Where a bank has obtained a decree or award against a Co-operative Society indebted to it, the bank may proceed to recover such money firstly from the assets of the Co-operative Society and secondly from the members of the Co-operative Society to the extent of their debts due to the society. Au dit inspec-