Amendment status not verified — confirm the current text below against the official source.
(1) If a Co-operative Society is unable to pay its debts to a bank form which it has borrowed, by reason of its members defaulting in the payment of the moneys due by them, the Bank may direct the committee of such society to proceed against such members by taking action under the Rajasthan Cooperative Societies Act, 1965. (2) if the committee of the Co-operative Society fails to proceed against its defaulting members within a period of ninety days form the date of receipt of such direction from the bank, the bank itself may proceed against such defaulting members in which event, the provision of the Rajasthan Co-operative Societies, Act, 1965, the rules and the bye laws made there under 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 form the assets of the Co-operative Society and secondly from the members of the Co-operative Society lo the extent of their debts due to the society.