Section 72
Section 72 of DCS Act 2003. If a co-operative society is unable to pay its debts to a financing bank or a federal co-operative society by reason of its members committing default in the payment of the moneys due by them, the financing bank or the federal co-operative society as the case may be, may direct the committee of such
(1) If a co-operative society is unable to pay its debts to a financing bank or a federal co-operative society by reason of its members committing default in the payment of the moneys due by them, the financing bank or the federal co-operative society as the case may be, may direct the committee of such a co-operative society to proceed against such members under section 71 and if the committee fails to do so within a period of ninety days from the date of receipt of such direction, the financing bank or the federal co-operative society itself may proceed against such members in which case the provisions of this Act, the rules or the bye-laws shall apply as if all references to the co-operative society or its committee in the said provisions were references to the financing bank or the federal co-operative society.
(2) Where a financing bank or federal co-operative society has obtained a decree or award against a co-operative society in respect of moneys due to it from the co-operative society, the financing bank or the federal co-operative society may proceed to recover such moneys firstly, from the assets of the co-operative society and secondly, from the members to the extent of their debts due to the co-operative society. CHAPTER - IX Incisivoalter debts due to the SPECIAL PROVISIONS FOR CO-OPERATIVE HOUSING SOCIETIES Application of this chapter.
Section 72, DCS Act 2003 (Act 149 of 2005).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
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Questions about Section 72
How do I find court cases under Section 72 of the DCS Act 2003?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: DCS Act 2003 72, section 72 DCS Act 2003, section 72 of the DCS Act 2003. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 72 of the DCS Act 2003, and has it changed?
Its own text turns on section 71, so none of them can safely be read on its own.
When was the DCS Act 2003 enacted?
DCS Act 2003 was enacted in 2005 as Act 149 of 2005. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Read from the Government's own scanned gazette with Azure Document Intelligence, then split into sections by their numbering. India Code publishes no text for this Act. The scan itself is mirrored into our own storage and served at /scan/4c99366d-b957-4634-8735-6142d42775da.pdf, so the reading here can be checked against the page it came from without depending on India Code's own copy staying where it is (it was at https://indiacode.gov.in/server/api/core/bitstreams/7166f74d-c446-46c6-8fc8-31f498cb3330/content). This page is not a substitute for legal advice.