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Co-Operative Societies Act 2008

219. Falsely obtaining property of society

1.      Any person who—

a.      obtains possession of any property or is granted any loan by a society by false representation or other corrupt means;

b.     wrongfully withholds or misapplies any such property or loan; or

c.      wilfully applies any part of the property or loan to purposes other than those directed or expressed in the by- the society or authorised in this Act or the Regulations, commits an offence and is liable on summary conviction to a fine of $1,000 or to imprisonment for one year and on conviction on indictment to a fine of $10,000 or to imprisonment for 5 years.

2.      In any proceedings under this section the person accused may, in addition to any penalty imposed, be ordered—

a.      to deliver up any property or repay any sum of money to which the proceedings relate; and

b.     to pay the cost of the proceedings.

Cooperative Societies Act, 2008 Back

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