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Co-Operative Societies Act 2008

105. Prior claims in favour of society

1.      Subject to any claim in respect of debt due to the Crown or to a landlord in respect of rent or any money recoverable as rent, any debt or outstanding demand owing to a registered society by a member or past member shall, notwithstanding anything contained in section 103, be a first chargeó

a.      upon the crops, or other agricultural produce whether standing or severed, raised in whole or in part with the loan from the society by such member or past member; and

b.     upon any cattle, fodder for cattle, agricultural or industrial machinery or implements, or raw materials for use in manufacture or handicraft, or building used for the purpose of agriculture or industry, fishing or fish processing equipment to or purchased by such member or past member in goods or money granted him by the society.

2.      Any person dealing with any of the property specified in subsection (1) shall be deemed to have notice of such first charge and all such dealing shall be subject to the charge and priority created by this Act.

Cooperative Societies Act, 2008 Back

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