Co-operative society are public institution formed by a group of persons having identical needs, to promote their economic interest though self help and mutual aid concept. Societies are registered under the co-operative societies act of Kerala and these institutions have been granted special privileges and concession under the co-operative society
SECTION 35
FIRST CHARGE OF SOCIETY ON CERTAIN ASSETS
Section 35 provides that any debt due from a member or past member or deceased member shall be a firs charge.
1. Upon the crops or agricultural produce which are raised with the loan
available from the society
2. Upon any cattle fodder for cattle agricultural or industrial implements or
machinery purchased out of any loan given by society. The charge made
in favor of society shall not be transferred without the previous permission
of the society such charges shall be available as against any claim of the
government arising from any loan granted by them
SECTION 36 RULE 51
CHARGE ON LAND HELD BY MEMBERS
Section 36 rule 51 provides that a member of an agricultural society where he hold any land can create declaration in the prescribed form. This declaration creates charge on land for the payment of loan taken by the member. The declaration shall be registered
SECTION 37 RULE 52
DEDUCTION FROM SALARY TO MEET SOCIETY'S CLAIM
A member of the society as loan or surety may executive the agreement in favor of the society providing
that the employer or salary disbursement officer shall be competent to deduct from this salary such amount as may be specified in the agreement and to pay the amount so deducted to the society towards any debt or dues payable by the member to the society . In the case of default by such member the society. in the case of defaulter by disbursement officer to deduct such amount from his salary unit the full realization of the debt.
SECTION 40
EXEMPTION FROM STAMP DUTY
Section 40 provides that a society are exempted from stamp duty in respect of transactions made between the society and member up to a certain limit.
The government may by notification in the official gazette exempt any class of societies from taxes-on
1. Agricultural income
2. sale or purchases of goods and
3. professions, trade, callings and employments
FIRST CHARGE OF SOCIETY ON CERTAIN ASSETS
Section 35 provides that any debt due from a member or past member or deceased member shall be a firs charge.
1. Upon the crops or agricultural produce which are raised with the loan
available from the society
2. Upon any cattle fodder for cattle agricultural or industrial implements or
machinery purchased out of any loan given by society. The charge made
in favor of society shall not be transferred without the previous permission
of the society such charges shall be available as against any claim of the
government arising from any loan granted by them
SECTION 36 RULE 51
CHARGE ON LAND HELD BY MEMBERS
Section 36 rule 51 provides that a member of an agricultural society where he hold any land can create declaration in the prescribed form. This declaration creates charge on land for the payment of loan taken by the member. The declaration shall be registered
SECTION 37 RULE 52
DEDUCTION FROM SALARY TO MEET SOCIETY'S CLAIM
A member of the society as loan or surety may executive the agreement in favor of the society providing
that the employer or salary disbursement officer shall be competent to deduct from this salary such amount as may be specified in the agreement and to pay the amount so deducted to the society towards any debt or dues payable by the member to the society . In the case of default by such member the society. in the case of defaulter by disbursement officer to deduct such amount from his salary unit the full realization of the debt.
SECTION 40
EXEMPTION FROM STAMP DUTY
Section 40 provides that a society are exempted from stamp duty in respect of transactions made between the society and member up to a certain limit.
The government may by notification in the official gazette exempt any class of societies from taxes-on
1. Agricultural income
2. sale or purchases of goods and
3. professions, trade, callings and employments
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