Power of Registrar to direct payment of dues

Corporate2015128 sections

Statutory text

(1) . Notwithstanding anything contained in Section 64 and 65 of this Act, the Registrar or such other persons as may be authorized by him on his behalf, may, on his own motion or on the written requisition of a registered co-operative society or an affiliating co-operative society or a financing bank, for the recovery of any loan due by a defaulting member, after due enquiry, make an award directing payment by such member of the amount found to be due.
(2) Any co-operative society engaged in credit business shall adhere to the Reserve Bank of India’s Circular and instructions issued from time to time in the matter of recovery of non-performing assets.

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