Co-operative Societies.
(b) that any member who is proved or adjudged, in such manner as may be prescribed by the rules to be guilty of a breach of the by-laws or contract shall pay to the society as liquidated damages a sum ascertained or assessed in such manner as may be prescribed by the aforesaid rules.
(2) No contract entered into under the provisions of this section shall be contested in any court on the ground only that it constitutes a contract in restraint of trade.
14. (1) Subject to any prior claim of the Crown on the property of the debtor and to the lien or claim of a land-lord in respect of rent or any money recoverable as rent and in the case of immovable property to any prior registered charge thereon—.
(a) any debt or outstanding demand payable to a registered society by any member or past member shall be a first charge on all crops or other agricultural produce, felled timber or other forest produce, marine produce, fish (fresh-water and salt-water), livestock, fodder, agricultural, industrial and fishing implements, plant, machinery, boats, tackle and nets, raw materials, stock in trade and generally all produce of labour and things used in connexion with production raised, purchased or produced in whole or in part from any loan whether in money or in goods given him by the society: Provided that nothing herein contained shall affect the claim of any bona fide purchaser or transferee without notice;
(b) any outstanding demands or dues payable to a registered housing society by any member or past member in respect of rent, shares, loans or purchase money or any other rights or amounts payable to such society shall be a first charge upon his interest in the immovable property of the society.
15. A registered society shall have a charge upon the shares or interests in the capital and on the deposits of a member or past member or deceased member and upon any dividend, bonus, or profits payable to a member or past
[CAP. 33
Creation of charges in favour of registered societies.
Charge in respect of interest of members.
Set off in shares or deposits.
259
Co-operative Societies.
(b) that any member who is proved or adjudged, in such manner as may be prescribed by the rules to be guilty of a breach of the by-laws or contract shall pay to the society as liquidated damages a sum ascertained or assessed in such manner as may be prescribed by the aforesaid rules.
(2) No contract entered into under the provisions of this section shall be contested in any court on the ground only that it constitutes a contract in restraint of trade.
14. (1) Subject to any prior claim of the Crown on the property of the debtor and to the lien or claim of a land- lord in respect of rent or any money recoverable as rent and in the case of immovable property to any prior registered charge thereon—.
(a) any debt or outstanding demand payable to a
registered society by any member or past member shall be a first charge on all crops or other agricul- tural produce, felled timber or other forest produce, marine produce, fish (fresh-water and salt-water), livestock, fodder, agricultural, industrial and fishing implements, plant, machinery, boats, tackle and nets, raw materials, stock in trade and generally all produce of labour and things used in con- nexion with production raised, purchased ог produced in whole or in part from any loan whether in money or in goods given him by the society: Provided that nothing herein contained shall affect the claim of any bona fide purchaser or transferee without notice;
(b) any outstanding demands or dues payable to a registered housing society by any member or past member in respect of rent, shares, loans or pur- chase money
or any other rights or amounts payable to such society shall be a first charge upon his interest in the immovable property of the society.
15. A registered society shall have a charge upon the shares or interests in the capital and on the deposits of a member or past member or deceased member and upon any dividend, bonus, or profits payable to a member or past
[CAP. 33
Creation of favour of
charges in
registered societies.
Charge and respect of interest of
set off in
shares or
members.
259
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