(1) Any person other than a co-operative society carrying on business under any name or title of which the words “cooperative” or its equivalent in any Indian Language, is part, without the sanction of the Government shall be punishable with fine which may extend to two hundred rupees.
(2) Any member, past member or the nominee, heir or legal representative or deceased member of a co-operative society who contravenes the provisions of section 42 by disposing of any property in respect of which the society is entitled to have a first charge under that section or do any other act to the prejudice of such claim shall be punishable with fine which may extend to two hundred rupees.
(3) A co-operative society or an officer or member thereof wilfully making a false return or furnishing false information, or any person wilfully or without any reasonable excuse disobeying any summons, requisitions or lawful written order issued under the provisions of this Act or wilfully not furnishing any information required from him by a person authorised in this behalf under the provisions of this Act shall be punishable with fine which may extend to two hundred rupees.
(4) Any employer, who without sufficient cause, fails to pay to a co-operative society the amount deducted by him under sub-section (2) of section 42 within a period of fourteen days from the date on which such deduction is made shall, without prejudice to any action that may be taken against him under any law for the time being in force, be punishable with fine which may extend to five hundred rupees.