Section 85(13) in The Maharashtra Cooperative Societies Rules, 1961
(13)The society to which property is transferred under sub-rule (5) shall use its best endeavour to sell the property [by following due procedure as provided in rule 107, as soon as practicable within such period but not more than period of three years from the date of entering the name of the society in the record of rights of the transferred property,] [Substituted 'as soon as practicable' by Notification No. CSL-2014/697/C.R.04/13C, dated 30.8.2014 (w.e.f. 23.12.1961).] to the best advantage of the society as well as that of the defaulter, the first option being always given to the defaulter who originally owned the property. The sale shall be subject to confirmation by the Registrar. The proceeds of the sale shall be applied to defraying the expenses of the sale and other expenses incurred by the society and referred to in sub-rules (9) and (12) and to the payment of the arrears due by the defaulter under the order in execution and the surplus (if any) shall then be paid to the defaulter.
