Section 149 in The Tamil Nadu Co-Operative Societies Act, 1983
149. Powers of financing bank to proceed against members of registered society.
(1)Where a member of a registered society has committed default in the payment of any debt due by him to such society, such society shall take action for the recovery of the debt within such time as may be prescribed.(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.(3)Where the financing bank takes action against the defaulting member, the provisions of this Act, the Rules and the bye-laws shall apply as if all references to the registered society or its board in the said provisions were references to the financing bank.
