Section 56
Share or contribution or interest not liable to attachment.
The Multi-State Co-operative Societies Act, 2002
About this Act
An Act to consolidate and amend the law relating to co-operative societies, with objects not confined to one State and serving the interests of members in more than one State, to facilitate the voluntary formation and democratic functioning of co-operative s as peoples institutions based on self-help and mutual aid and to enable them to promote their economic and social betterment and to provide functional autonomy and for matters connected therewith or incidental thereto.
(1) Subject to the provisions of
section 55, the share or contribution or interest of a member or past or deceased member in the capital of
a multi-State co-operative society shall not be liable to attachment or sale under any decree or order of
any court in respect of any debt or liability incurred by such member, and an official assignee or a
receiver under any law relating to insolvency shall not be entitled to, or have any claim on, such share or
contribution or interest.
(2) The reserve fund, or the bad debt reserves, or the provident fund of the employees, of a multiState co-operative society invested by such society in accordance with the provision of this Act and the bye-laws shall not be liable to attachment under any decree or order of a court in respect of any debt or liability incurred by the society.
(2) The reserve fund, or the bad debt reserves, or the provident fund of the employees, of a multiState co-operative society invested by such society in accordance with the provision of this Act and the bye-laws shall not be liable to attachment under any decree or order of a court in respect of any debt or liability incurred by the society.