Amendment status not verified — confirm the current text below against the official source.
(1) If a co-operative society is unable to Powers of a Bank to pra- pay its debts to a bank from which it has borrowed, ,, by reason of its members defaulting in the payment dcfaultinb mcmbcrs of of' the-moneys due by then, the bank may direct the, Co-opera< comrn$tee of such society to procecd against such tivc Bdcty. Orirsl 2 members by taking action under the Orissa Co- of 1963. operative Societies Act, 1962. (2) If the committee of the co-operative society fails to proceed against its defaulting mnen~bcss within a period of ninety days from the date of receipt of such direction from the bank, the bahk itself may proceed against* snch defaulting members in which event, the provisions of the said Act- and the rules and bye-laws made thereunder shall apply as if all references to the society or its committee in the said Act, rules and bye-laws were references to the bask. (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 rnernbel-s of the co-operative society to the extent of their debts due to the society. I