(1) Notwithstanding anything contained in any law for the time being in force a member may execute an agreement in favour of the Society to the effect that his employer shall be competent to deduct from the salary or wages payable to him by the employer such amount in such period 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 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 the deduction.
(3) If an employer, 1[X X X] fails to deduct or having deducted fails to pay amount as required under Sub-Section (2), the Registrar may, on the application of the Society and after giving such employer a reasonable opportunity of
(a) the stamp duty chargeable under any law for the time being in force in respect of any class of instruments executed by or on behalf of a Society or by an officer or member thereof and relating to the business of such Society, or in respect of any award or order made under this Act, in cases where, but for such remission the Society, officer or member, as the case may be, would be liable to pay such stamp duty;
(b) any fee payable under any law for the time being in force relating to the registration of documents or Court fees:
Provided that nothing in Clause (a) shall apply in respect of bills of exchange, cheques, promissory notes, bills of lading, letters of credit, policies of insurance, transfer of shares, debentures, proxies and receipts.
(2) The State Government may, by notification exempt any class of Societies from taxes on–
(a) agricultural income,
(b) sale or purchase of goods, or
(c) professions, trades, callings and employments.