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

Powers of credit agency 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 credit agency by reason of its members committing default in the payment of the moneys due by them, the credit agency may direct the board of such co-operative society to take proceedings against such member under section 70 or 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 credit agency may itself proceed against such defaulting members under section 70 or section 101, as the case may be, in which case, the provisions of the 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 reference to the credit agency. (2) Where a credit agency has obtained a decree or award against a co-operative society in respect of money due to it from the co-operative society the credit agency may proceed to recover such moneys firstly from the assets of the co-operative society and secondly from the members of the co-operative society to the extent of their debts due to the society.