Section 48A(2) in The Maharashtra Co-Operative Societies Act, 1960
(2)The Market Committee on receiving the amount from the purchaser shall arrange to pay [to the societies concerned] [These words were substituted for the words 'to the society', by Maharashtra 44 of 1973, Section 2(b).] the amount of dues due from the tenderer within a reasonable time to be prescribed for the purpose. If the Market Committee does not pay such dues within 8 days, after the realisation of the cheque the Market Committee shall be liable to pay interest on such dues [to the societies concerned] [This portion was substituted by Maharashtra 44 of 1973, Section 2(a)(iii).] at a rate prescribed in this behalf, such rate not being in excess of the maximum rate of interest fixed for unsecured loans under the Bombay Money-lenders Act, 1946.]
