Section 53B(8) in The Maharashtra Cooperative Societies Rules, 1961
(8)Where any society (including the Primary Agricultural Credit Society and the Co-operative Sugar Factory) which has received any loan from any District Central Cooperative Bank or the Maharashtra State Co-operative Bank pays to that Bank any amount towards payment of interest on such loan, or repayment of such loan, or where any such amount is received by the District Central Co-operative Bank or the Maharashtra State Co-operative Bank on behalf of any such society or sugar factory from any other agency, and the District Central Co-operative Bank or the Maharashtra State Co-operative Bank is satisfied after consulting the relevant Central Society that there are any arrears of annual contributions payable by such society or sugar factory as per demand notice served on it, then the District Central Co-operative Bank or the Maharashtra State Co-operative Bank, as the case may be, shall in accordance with the procedure laid down from time to time, by the State Level Caderisation Committee and after obtaining the consent of such society or sugar factory to do so, first credit to the "Co-operative State Cadre Employment Fund", such amount as may be necessary to recover the arrears and adjust the remaining balance, if any, towards payment of interest on such loan or as the case may be, repayment on such loan. Whenever the District Central Cooperative Bank or the Maharashtra State Co-operative Bank so credits any amount to the said Fund, it shall send advice to such credit to the society or as the case may be, Co-operative Sugar Factory and also the relevant Central Society.
