Recovery of debt.

Recovery of debt. (1) Notwithstanding anything contained in this Act or in any other law for the time being in force and without prejudice to any mode of recovery which is being taken or may be taken, the Registrar may, on application made by a co-operative society including federal co-operative society or financial institution for recovery of arrears of any sums advanced to any of its members and on its furnishing a statement of accounts in respect of arrears and after making such inquiry as he deems fit, issue a certificate for recovery of the amount stated therein to be due as arrears. (2) Where the Registrar is satisfied that a co-operative society has failed to take action under sub-section (1) in respect of any amount due as arrears, he may on his own motion, and after making such enquiry as he deems fit, issue a certificate for the recovery of the amount stated therein to be due as arrears and such certificate shall be deemed to have been issued on an application made by co-operative society or financial institution concerned. (3) A certificate issued by the Registrar under sub-section (1) or sub-section (2) shall be final and conclusive proof of the arrears stated to be due therein and the certificate shall be executed in the manner specified in section 111.