Section 86B in Himachal Pradesh Co-Operative Societies Act, 1968
86B. [ Powers of financing bank to proceed against the members of a co-operative society. [Added vide H.P Act, No. 24 of 1978.]
- Where a financing bank has obtained a decree or award against a co-operative society in respect of money due to it from the society, the financing bank may proceed to recover such money, firstly from the available assets of the society and thereafter from the members of the society to the extent of their debts due to the society:Provided that the financing bank while proceeding against the indebted members of such society under this section shall first proceed against the defaulting members of the society and their sureties to recover such amount as may remain unsatisfied from the available assets of the society.]
