(1) When a member of a co-operative society, which includes among its objects the advance of loans to its members, applies for a loan or when a person applies for membership of such a society, the society may in the prescribed manner serve a notice on any creditor named in the application or ascertained after subsequent inquiry, and may also publish a general notice on all creditors, requiring him or them, in the prescribed form and within the time specified in the notice, to furnish a written statement of his or their claim.
(2) When a member of a co-operative society, which includes among its objects the advance of loans to its members, intends to apply for a loan from any person other than the society, such member shall send to the society a notice in writing stating—
(a) his intention to apply for such loan, 182 The West Bengal Co-operative Societies Act, 1973.
XXXVIII of 1973.]
(Chapter V.—Privileges of co-operative societies.— Sections 45-47.)
(b) the amount of the loan for which he intends to apply, and
(c) the object of taking the loan.
Co-operative 45. A co-operative society which includes among its objects the society's power to call advance of loan to its members, and the financing bank, if any, of which for notice of such society is a member, may, where revenue or loan or advance suits or proceedings realisable as public demand is payable by any member of such society against to the State Government, by a notice served in the prescribed manner members.
upon the Collector, require the Collector to furnish to such society or the financing bank or both, notice of any suit or proceeding for recovery of arrears of revenue or loan or advance instituted or commenced, by him against such member.
Limitation. 46. Notwithstanding any of the provisions of the Limitation Act, 1963, the period of limitation for the institution of a suit to recover any sum, including interest thereon, due to a co-operative society by a member thereof or any other person having transaction with the society shall be computed from the date on which such member or the person concerned, dies, or ceases to be a member of, ,or as the case may be, closes transaction with, the society.
36 of 1963.
Debts due to co-operative societies to be the first charge.