Societies to give pass book to members.

Corporate1960195 sections

Statutory text

(1) A society which gives loans to its members or a society or class of societies which the State Government may notify in the official Gazettee, from time to time, shall furnish to each member a pass book, which shall contain an account of the transactions with the member, such as, the date of the transaction, the amount of loan advanced, the rate of interest, the repayment made by the member, the amount of the principal and interest due and such other particulars as may be prescribed. The necessary entries shall be made in the pass book from time to time which shall be counter signed by such office-bearer of the society as may be authorised in this behalf by the committee. For this purpose, the member shall be bound to present the passbook to such office-bearer and if the passbook is required to be kept for some time for making the necessary entries the member shall be granted a receipt there of, by such office-bearer. (2) The entries in the passbook duly made shall, until the contrary is proved, be prima facie evidence of the account of transactions of the society with the member.

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