Notwithstanding anything contained in Chapter IX or any other law for the time being in force but without prejudice to any other mode of recovery provided in this Act, the Registrar or any person subordinate to him empowered by the Registrar in this behalf, may, on the application of a society, make an order directing the payment of any debt or outstanding demand due to the society by any member or past or deceased member by sale of the property or any interest therein which is subject to a charge under section 52:
Provided that no order shall be made under this section unless the member, past member or the nominee, heir or legal representative of the deceased member, has been served with a notice in the manner prescribed.
1 [86-A. Powers of a financing bank to proceed against defaulting members of a co-operative society.- (1) If a co-operative society is unable to pay its debts to a financing bank according to the terms of agreement to this effect by reason of its members committing default in the payment of moneys due by them, the financing bank may direct the committee of such society to proceed against such members by taking action under sections 72, 73, 74, 75, 76, 86, 87, 89, 90 and 90-A of the Act.
(2) If the committee of the co-operative society fails to proceed against its defaulting members within a period of ninety days from the date of receipt of such direction from the financing bank, the financing bank itself may proceed against such defaulting members in which event, the provisions of sections 72, 73, 74, 75, 76, 86, 87, 89, 90 and 90-A of the Act, the rules and bye-laws made thereunder, shall apply as if all references to the society or its committee in the said provisions of this Act, rules and the bye-laws were references to the financing bank.
(3) After recovery of dues from the defaulter members of such society, the respective loan accounts of such members in the society and those of the society in the bank shall be credited proportionately by the society and the financing bank respectively.
86-B. Powers of financing bank to proceed against the members of a co-operative society.- Where a financing bank has obtained a decree or award against a co-operative society in respect of money due to it from the society, the financing bank may proceed to recover such money, firstly from the available assets of the society and thereafter from the members of the society to the extent of their debts due to the society:
Provided that the financing bank while proceeding against the indebted members of such society under this section shall first proceed against the defaulting members of the society and their sureties to recover such amount as may remain unsatisfied from the available assets of the society.]
1 . Sections 86-A and 86-B inserted vide H.P Act No. 24 of 1978.
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