Punishment for disposing property in contravention of section 47

Any member, past member or nominee, heir or legal representatives of a deceased member removing or otherwise disposing of or suffering to be removed or otherwise disposed of, any property on which a registered co-operative society holds a first charge under section 47 with intent to defraud the co-operative society or with such intent doing any other act to the prejudice of the co-operative society’s first charge, shall be punishable with fine equivalent to the value of the property.