Section 149(2) in The Tamil Nadu Co-Operative Societies Act, 1983
(2)Where any registered society is unable to pay its debts due to the financing bank by reason of its members committing default in the payment of debts due to such society and if such society fails to take action for the recovery of the debt within the period prescribed under sub-section (1) or in the opinion of the financing bank to which such society is indebted, the action taken by such society is not adequate, the financing bank may, without prejudice to any other mode of recovery which is being taken or may be taken and after giving such society an opportunity of making its representations, take action against such defaulting members for the recovery of the debts.
