Powers of an apex co-operative bank to proceed against members of a society for recovery of moneys due to it from such society

(1) If any society is unable to pay it’s debts to a Central Bank by reasons of any of it’s members committing default in the payment of the moneys due by them to the society, the apex co-operative bank may direct such society to refer to the Registrar under section 83, 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 co-operative 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 it’s board of directors in the said bye-laws were references to the apex co-operative bank. (2) Where a apex co-operative bank has obtained a decree or award against any society in respect of the moneys due to it by such society, the apex co-operative 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.