Powers of financing bank to proceed against members of a co-operative society for the recovery of money due to it from such society

Powers of financing bank to proceed against members of a co-operative society for the recovery of money due to it from such society. (1) If a co-operative society is unable to pay its debts to a financing bank by reason of its members committing default in the payment of moneys due by them, the financing bank may direct the board of such co-operative society to take proceedings against such members under section 70 or to initiate proceedings under section 101, as the case may be, and if the board fails to do so within a period of ninety days from the date of receipt of such direction, the financing bank itself may proceed against such members under section 70 or section 101, as the case may be, in which case, the provisions of this Act, the rules or the bye-laws shall apply as if all references to the co-operative society or its board in the said provisions were references to the financing bank. (2) Where a financing bank has obtained a decree or decision against a co-operative society in respect of money due to it from the co-operative society, the financing bank may proceed to recover such moneys, first, from the assets of the co-operative society and, secondly, from the members of such co-operative society to the extent of their debts to the society.