Any member, past member or nominee, heir or legal representatives of a deceased member removing or otherwise disposing of or suffering to be removed or otherwise disposed of, any property on which a registered co-operative society holds a first charge under section 47 with intent to defraud the co-operative society or with such intent doing any other act to the prejudice of the co-operative society’s first charge, shall be punishable with fine equivalent to the value of the property.
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More sections of this act
Section 1 · Short title,extent and commencementSection 2 · DefinitionsSection 3 · The Registrar.Section 4 · Co-operative Societies which may be registered.Section 5 · Age, qualification of a member.Section 6 · Conditions of registration.Section 7 · Restrictions on acquisition of Share in a Cooperative Society.Section 8 · Power of Registrar to decide certain questions.India Code, Government of India. Text fetched 10 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.