(1) A member of a. society may execute an agreement in favour of the society provided 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 to the society the amount so deducted in satisfaction of any debt or other demand of the society against the member.
(2) On the execution of such agreement, the employer shall, if so required by the society by a requisition in writing, and so long as the society does not intimate that the whole of such debt or demand has been paid, made the deduction in accordance with the agreement, and pay the amount so deducted to the society, as if it were a part of the wages payable by him as required under the payment of Wages Act, 1936 on the day on which he makes payment. '
(3) If after receipt of a requisition made under the foregoing subsection, the employer at any time fails to deduct the amount specified in the requisition from the salary or wages payable to the member concerned, or makes default in remitting the amount deducted to the society, the employer shall be personally liable for the payment thereof ;
and the amount shall be recoverable on behalf of the society from him as an arrear of land revenue and the amont So due shall rank in priority in respect of such liability of the employer as a wage in arrears.
(4) Nothing contained in this section Shall apply to persons employed in any railways (within the meaning of the Constitution), and in mines or oil fields.
CHAPTER V STATE AID TO SOCIETIES
50. The State Government may subscribe directly to share capital of a society with a limited liability, upon such terms and conditions as may be agreed upon.
51. The State Government may, under appropriation make bye- Iaw, provide moneys to society for the purchase directly or indirectly of shares in other societies With limited liability, (A society to Which moneys are so provided for the aforesaid purpose is hereinafter in this Chapter referred to as an ‘Apex Society”).