Section 57 in Himachal Pradesh Co-Operative Societies Rules, 1971
57. Prohibition against being interested in contracts etc.
(1)Without prejudice to the provisions of the bye-laws, no-officer of a co-operative Society shall have an interest directly, or indirectly, otherwise than as such officer -(a)in any contract made with the society ; or(b)in any property sold or purchased or leased by, or to the society; or(c)in any other transaction of the society except as an investment made or as a loan taken from the society or the provision of residential accommodation by the society to any paid employee of the society.(2)No officer of a society shall purchase, directly or indirectly, any property of a member of the society sold for the recovery of his dues to the society.(3)The prohibition contained in the rule shall continue to apply for a period of two years after a person ceases to be an officer of the society.The rule debars the officers of the society to have interest in any contract made with the society or any property sold, purchased or leased by the society. Moreover, no officer of the society can purchase the property of a loan member, which is put to sale in default of non-payment.
