Amendment status not verified — confirm the current text below against the official source.
(1) If a society is unable to pay its debts to a financing bank by reason of its members committing default in the payment of the finding moneys due by them, the financing bank may direct the committee of such society to proceed against such members under section 61 or section 70, as the case may be, and if the committee fails to do so within a period of ninety days from the date of receipt of such direction, the financing bank itself may proceed against such members under section 61 or section 70, in which case, the provisions of this Act, the rules or the bye-laws shall apply as if all references to the society or its committee in the said provisions were references to the financing bank. (2) Where a financing bank has obtained a decree or award against a society in respect of moneys due to it from the society, the financing bank may proceed to recover such moneys firstly from the assets of the society and secondly from the members to the extent of their debts due to the society. CHAPTER IX. WINDING UP AND CANCELLATION OF REGISTRATION OF SOCIETIES.