Power of the Apex Bank to proceed against members of the society for recovery of the money due to it.

(1) If any society is unable to pay its debt to the Apex Bank by reason of any of its members committing default in the payment of the moneys due by them or to the society, the Apex Bank may direct such society to refer to the Registrar, under section 94, the dispute between the society and defaulting members thereof : Provided that, if such society fails to refer the dispute as aforesaid within a period of ninety days from the date of receipt of such direction, the Apex Bank, itself may refer to the Registrar the said dispute : Provided further that, in case of a reference, the bye-laws of the defaulting society shall apply as if all references to the society or its committee in the said bye-laws were references to the Apex Bank. (2) When an Apex Bank has obtained a decree or award against any society in respect of the moneys due to it by such society, the Apex Bank may proceed to recover such moneys firstly from the assets of that society and secondly from the members of that society to the extent of the moneys due by them to that society.