1964 Ed.]
Co-operative Societies Rules.
[CAP. 33
A 13
47. Where a member-
(a) is in default in the payment of a loan or of an instalment of a loan, and
(b) does not satisfy the committee that such default is due to a good cause,
such member shall not be entitled to receive another loan from the registered society.
48. If, by reason of sickness or some other cause, a member finds that he will be unable to discharge his obligations to the registered society and notifies the secretary in writing before a loan is due, the committee may extend the time fixed for payment on such conditions as it thinks fit.
49. Where the committee is satisfied that a member of the registered society who has obtained a loan has applied the proceeds thereof to a purpose other than the purpose which is stated in the application therefor under rule 42, the committee may, by notice in writing to the debtor, demand payment of the loan before the agreed date of payment.
50. Where------
(a) a loan or an instalment of a loan has not been paid on the date on which it became due, and
(b) no extension for the payment thereof has been given to the debtor by the committee under rule 48,
the committee shall take steps for the recovery of the same by referring the matter to the Registrar as prescribed in section 49 of the Ordinance.
Rule applicable to Marketing Societies.
51. (1) Every member of the society shall deliver to the society at such place as the committee shall direct such amount of articles produced or obtained by him as may be prescribed in the by-laws or in the relevant contract to be disposed of by the society.
(2) Any member, who is approved or adjudged in accordance with section 49 of the Ordinance to be guilty of a breach of the by-laws or the relevant contract as the case may be, shall pay to the society as liquidated damages such sum as may be specifically assessed or ascertained in manner prescribed by the by-laws or by the relevant contract, and such sum shall be deemed to be a debt due to the society.
[Subsidiary]
Restrictions on loans to defaulters.
Extensions of loans.
Misapplication of loan.
Recovery of loans.
Marketing.
General.
52. The committee may, with the approval of the Registrar, cause bad debts to be written off the books of the registered society in such manner and at such times as the Registrar may deem fit.
Bad debts.
1964 Ed.]
Co-operative Societies Rules.
[CAP. 33
A 13
47. Where a member-
(a) is in default in the payment of a loan or of an instalment
of a loan, and
(b) does not satisfy the committee that such default is due to
a good cause,
such member shall not be entitled to receive another loan from the registered society.
48. If, by reason of sickness or some other cause, a member finds that he will be unable to discharge his obligations to the registered society and notifies the secretary in writing before a loan is due, the committee may extend the time fixed for payment on such conditions as it thinks fit.
49. Where the committee is satisfied that a member of the registered society who has obtained a loan has applied the proceeds thereof to a purpose other than the purpose which is stated in the application therefor under rule 42, the committee may, by notice in writing to the debtor, demand payment of the loan before the agreed date of payment.
50. Where------
(a) a loan or an instalment of a loan has not been paid on
the date on which it became due, and
(b) no extension for the payment thereof has been given to
the debtor by the committee under rule 48,
the committee shall take steps for the recovery of the same by referring the matter to the Registrar as prescribed in section 49 of the Ordinance.
Rule applicable to Marketing Societies.
51. (1) Every member of the society shall deliver to the society at such place as the committee shall direct such amount of articles produced or obtained by him as may be prescribed in the by-laws or in the relevant contract to be disposed of by the society.
(2) Any member, who is approved or adjudged in accordance with section 49 of the Ordinance to be guilty of a breach of the by-laws or the relevant contract as the case may be, shall pay to the society as liquidated damages such sum as may be specifically assessed or ascertained in manner prescribed by the by-laws or by the relevant contract, and such sum shall be deemed to be a debt due to the society.
[Subaidinry]
Restrictions qu loans to defaulters.
Extensions of loans.
Misapplication of loan.
Recovery of loans.
Marketing.
General.
52. The committee may, with the approval of the Registrar, cause bad debts to be written off the books of the registered society in such manner and at such times as the Registrar may deem fit.
Bad debts.
No comments yet.
Private notes are available after approval.