Disputes between a bank and a Co-operative Society

Finance197625 sections

Statutory text

(1) Notwithstanding anything contained in any other law for the time being in force, any dispute touching the constitution, management or the business of a Cooperative Society, between a bank financing a Cooperative Society and the Co-operative Society so financed, other than disputes regarding the disciplinary action taken by the Society or its committee against a paid employee of the Society, shall be referred by either of the parties to the dispute to the Registrar of Cooperative Societies for decision. (2) Where any question arises whether, for the purposes of the foregoing sub-section, a matter referred to for decision is a dispute or not, the question shall be decided by the Registrar of Co-operative Societies whose decision shall be final.

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