(1) Notwithstanding anything contained in any law for the time being in force a member of a co-operative society may execute an agreement in favour of the society providing that his employer shall be competent to deduct from the salary or wages payable to him by the employer such amount as may be specified in the agreement and to pay the amount so deducted to the society in satisfaction of any debt or other demand owing by the member to the society.
(2) On the execution of such an agreement the employer shall, if so required by the society by a requisition in writing and so long as such debt or demand or any part of it remains unpaid, make the deduction in accordance with the agreement and pay the amount so deducted to the society, within fourteen days from the date of deduction.
(3) If after the receipt of the requisition made under sub-section (2) the employer fails to deduct the amount specified in requisition from the salary or wages payable to the member concerned or make a default in remitting the amount deducted to the society, such amount shall be recovered from the employer as arrears of land revenue.