section 47
Prior Claim of a Cooperative Society
Meghalaya Co-operative Societies Act, 2015Corporate2015128 sections
Statutory text
- (1) Any debt or outstanding demand due to a registered co-operative society by any member, surety, past member, or the estate of any deceased member shall be a first charge-
- (a) if such debt or demand is due in respect of the supply, or any loan to provide the means of such supply of seed, manure, labour, fodder for cattle or any other thing incidental to the conduct of agricultural operations, - upon the crops or agricultural produce of such member, past member or belonging to the estate of such deceased member, at any time within two years from the date of such supply or loan or from the date on which the last installment of such supply or loan became repayable;
- (b) if such debt or demand is due in respect of the supply of or any loan for the purchase of cattle, agricultural implements or warehouse for the storage of agricultural produce, in the manner and to the extent aforesaid upon the crops or agricultural produce of such member, past member or belonging to the estate of such deceased member and also upon the cattle , agricultural implements or warehouse thus supplied or purchased wholly or in part from any such loan;
- (c) if such debt or demand is due in respect of the supply of, or any loan for the purchase of raw materials, industrial implements, machinery, workshop, warehouses or business premises, - upon the raw materials or other things supplied or purchased by such member, past member or the deceased member wholly or in part from any such loan and also upon any articles manufactured from raw materials or with implements or machinery so supplied or purchased wholly or in part from any such loan;
- (d) if such debt or demand is due in respect of any loan for the purchase, improvement or redemption of land or for the purchase or construction of any house, building or any portion thereof,-upon the land purchased, improved or redeemed or the house or building so purchased or constructed by such member, past member, or the deceased member from any such loan;
- (2) Nothing in this section shall affect the claims of any bonafide purchaser or transferee for value without notice.
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