Amendment status not verified — confirm the current text below against the official source.
(I) If a co-operative society is unable to pay its debts to a bank Powers or from which it has borrowed, by reason of its members defaulting in the pay- banks to ment of the money due by them, the bank may direct the committee of Proceed such society to proceed against such members of taking action under the Punjab Co-operative Societies Act, 1961. against members of Co-operative societY. (2) If the committee of the co-operative society fails to proceed against• its defaulting members within a period of ninety days from the date of receipt of such direction from the bank, the bank itself may proceed against such defaulting members in which even the provisions of the Punjab Co-operative Societies Act, 1961, the rules and bye-laws made thereunder shall apply as if all references to the society or its committee 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 moneys 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. 19, The Registrar shall draw the attention of the bank financing a Audit. ins- co -operative society to the defects noticed in every audit, inquiry or peenon and inspection Of such society conducted as per provisions of the Punjab inquiry Co-operative Societies Act, 1961, and shall also supply a copy of such audit, , inquiry or inspection report if demanded, in writing by the bank; • , to banks. , 270 HARYANA GOVT GAZ. (EXTRA.), AUGUST 16, 1973 (SRAVANA 25, 1895 SAKA) CHAPTER VI MISCELLANEOUS Exemption