Section 112

(a) No officer of a co-operative society shall, except as permitted by the bye-laws of the society, have any interest, directly or indirectly- (i) in any contract made with the society (ii) in any property sold or purchased by the society (iii) in any transaction of a co-operative society other than the provision of residential accommodation by the society to any paid employee of the society, if the officer himself is a paid employee. (b) No paid officer of a co-operative society shall purchase or allow any of his family members to purchase any property of a member of a co-operative society sold for the recovery of dues of the co-operative society.