Members to furnish information as to their financial position and alienation of their immovable property

(1) A full, true and accurate statement of his assets and liabilities shall be furnished- (a) by an applicant for membership of a society with unlimited liability, with his application; (b) by a member of a society with unlimited liability when required to do so by the Registrar or any person authorised by him by a general or special order or by the financing bank; and (c) by a member of any other society, with an application for a loan or for acceptance as a surety. (2) A member of a society shall, before the completion of each such transaction, furnish to the society of which he is a member, full, true and accurate information regarding any sale, mortgage, or transfer in any form whatsoever of his immovable property or any portion or share thereof and regarding any debt proposed to be incurred on the security of such property.