(a) any debt or outstanding demand, owing to a society by any member or a person who has ceased to be a member shall be a first charge upon-
(i) the crops or other agricultural produce raised in whole or in part whether with or without a loan taken from the society by him.
(ii) cattle, fodder for cattle, agricultural or industrial implements or machinery, or raw materials for manufacture, or workshop, godown or place of business, supplied to, or purchased by him in whole or in part, from any loan whether in money or goods made to him by the society, and
(iii) any movable property which may have been hypothecated, pledged or otherwise mortgaged by him with the society, and remaining in his custody :
(b) any outstanding demands or dues payable to a society by any member or a person who has ceased to be a member, in respect of rent, shares, loans or purchase money or any other rights or amounts payable to such society, shall be first charge upon his interest in the immovable property of the society :
(a) that every such member shall dispose of his produce through the society, and
(b) that, any member, who is found guilty of a breach of the bye-law or of any such contract, shall reimburse the society for any resultant loss, determined in such manner as may be specified in the bye-laws.
Section 48 • The Gujarat Co-Operative Societies Act, 1961
48. Prior claim of society.
the-gujarat-co-operative-societies-act-1961-sec-48.json
•
Section 48
{
"act_title": "The Gujarat Co-Operative Societies Act, 1961",
"act_slug": "the-gujarat-co-operative-societies-act-1961",
"section_label": "Section",
"section": {
"number": "48",
"title": "48. Prior claim of society.",
"chapter": null,
"content": "(a) any debt or outstanding demand, owing to a society by any member or a person who has ceased to be a member shall be a first charge upon-\n(i) the crops or other agricultural produce raised in whole or in part whether with or without a loan taken from the society by him.\n(ii) cattle, fodder for cattle, agricultural or industrial implements or machinery, or raw materials for manufacture, or workshop, godown or place of business, supplied to, or purchased by him in whole or in part, from any loan whether in money or goods made to him by the society, and\n(iii) any movable property which may have been hypothecated, pledged or otherwise mortgaged by him with the society, and remaining in his custody :\n(b) any outstanding demands or dues payable to a society by any member or a person who has ceased to be a member, in respect of rent, shares, loans or purchase money or any other rights or amounts payable to such society, shall be first charge upon his interest in the immovable property of the society :\n(a) that every such member shall dispose of his produce through the society, and\n(b) that, any member, who is found guilty of a breach of the bye-law or of any such contract, shall reimburse the society for any resultant loss, determined in such manner as may be specified in the bye-laws.",
"footnote": "",
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"sort_order": 47
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