(1) If a co-operative society is unable to Powers of a Bank to pra- pay its debts to a bank from which it has borrowed, ,, by reason of its members defaulting in the payment dcfaultinb mcmbcrs of of' the-moneys due by then, the bank may direct the, Co-opera< comrn$tee of such society to procecd against such tivc Bdcty.
Orirsl 2 members by taking action under the Orissa Coof 1963. operative Societies Act, 1962.
(2) If the committee of the co-operative society fails to proceed against its defaulting mnen~bcss within a period of ninety days from the date of receipt of such direction from the bank, the bahk itself may proceed against* snch defaulting members in which event, the provisions of the said Act- and the rules and bye-laws made thereunder shall apply as if all references to the society or its committee in the said Act, rules and bye-laws were references to the bask.
(3) Where a bank has obtained a decree or award against a co-operative society indebted to it, the bank may proceed to recover such moneys firstly from the assets of the co-operative society and secondly from the rnernbel-s of the co-operative society to the extent of their debts due to the society.
I 22. The Registrar of Co-operative Societies Andt, PSFC- I shall draw the attention of the bank financing ag:uizd a, , co-operative society to the defects noticed in every repqrt? of S O c ~ t i e S SO of 1963. audit or inquiry or inspection of such society b, a d a b l c conducted under the provisions of the Orissa Co- to banks.
operative Societies Act, 1962, and shall also supply a copy each of such audit, inquiry or inspection report if demanded, in writing, by the bank.
CHAPTER VI MISCELLANEOUS
23. Nofhin~ in any law for the time being in Exemption 9 from legisla- force relating ?o money lending or agricultu&ts tions relaens debt relief shall apply to the financial assistance to money availed of by all agriculturist from a bank. lending agriculturists and debs relief.