(1) If a society is unable to pay its debts to a Financing Bank by reason of its members committing default in the payment of the money due to them, the Financing Bank may direct the committee of such society to proceed against such members under section 70 and if the committee fails to do so within a period of 60 days from the date of receipt of such directions, the Financing Bank itself may proceed against such members under section 70 in which case the provisions of this Act, the rules or the bye-laws shall apply as if all references to the society or its committee in the said provisions were references to the Financing Bank.
(2) Where a Financing Bank has obtained a decree or award against a society in respect of moneys due to it from the society, the Financing Bank may proceed to recover such money, firstly from the assets of the society and secondly from the members to the extent of their debts due to the society.