Co-operative Societies Act 1979 · 2020 Revised Edition · Part 3 · Privileges and Duties of Societies
23. Creation of charges in favour of societies
Feedback & supportSubject to any other written law as to priority of debts, where a society has —
society
“society” means a co-operative society registered under this Act and includes a primary society, a secondary society and an apex organisation;
supplied to a member or past member industrial implements or machinery or materials for manufacture or building, or seeds, fertiliser, animals, feeding stuffs or agricultural implements;
rendered services to a member or past member; or
lent money to a member or past member to enable the member or past member to buy those things or to obtain those services,the society has a first charge upon those things or (as the case may be) upon industrial or agricultural produce, animals or articles produced therewith or therefrom or with the aid of the money, except that nothing herein contained affects the claim of a bona fide purchaser or transferee without notice.
Outstanding demands or dues payable to a housing society by a member or past member in respect of rent, shares, loans or purchase money or any other rights or amounts payable to the society are a first charge upon the member’s or past member’s interest in the immovable property of the society.
member
“member” includes an individual person or institution qualifying for membership in a co-operative society, who or which join in the application for the registration of a society, and an individual person or institution admitted to membership after registration in accordance with this Act, the Rules and the by-laws;