Section 121 in West Bengal Co-operative Societies Act, 2006
121. Application of the proceeds of distrain and sale.
- The proceeds of any distraint and sale under section 120 shall be applied as follows :(1)First, there shall be paid to the Co-operative agriculture and rural development bank or the Central Co-operative bank or the primary Co-operative credit society, as the case may be, at the prescribed rate-(a)the costs of the sale; and(b)the other expenses incurred on account of the distraint.(2)Secondly, there shall be paid to the bank or the Co-operative society, as the case may be, the amount for which the distraint was made and there shall be given to the person whose property has been sold a receipt for the amount so paid.(3)Thirdly, the residue, if any, shall be paid to the person whose property has been sold.
