Co-Operative Societies Act 1993 · Updated to 1 Apr 2015 · Part III · Duties and Privileges of Co-Operative Societies
21. Creation of charges in favour of co-operative societies
Feedback & supportSubject to any prior claim of the Federal Government or any
State Government on the property of the debtor and to the lien or claim of a landlord in respect of rent or any money recoverable as rent and, in the case of immovable property, to any prior registered charge thereon—
property
“property” means any movable or immovable property and includes— (a) any right, interest, title, claim, chose in action, power or privilege, whether present or future, or whether vested or contingent, in relation to any property, or which is otherwise of value; (b) any conveyance executed for conveying, assigning, appointing, surrendering, or otherwise transferring or disposing of property whereof the person executing the conveyance is proprietor or possessed or wherein he is Co-operative Societies 15 entitled to a contingent right, either for the whole interest or for any less interest; (c) any security, including any stock, share, debenture and fund; (d) any negotiable instrument, including any bank note, bearer note, treasury bill, dividend warrant, bill of exchange, promissory note, cheque and negotiable certificate of deposit; (e) any mortgage or charge, whether legal or equitable, guarantee, lien or pledge, whether actual or constructive, letter of hypothecation or trust receipt, indemnity, undertaking or other means of securing payment or discharge of a debt or liability, whether present or future, or whether vested or contingent; and (f) any other tangible or intangible property;
any debt or outstanding demand payable to a co-operative society by any member or past member shall be a first charge on all crops or other agricultural produce, fish (fresh water and salt water), felled timber or other forest produce, marine produce, livestock, fodder, agricultural, industrial and fishing implements, plant, machinery, boats, tackle and nets, raw materials, stock-in-trade and generally all produce of labour and things used in connection with production raised, purchased or produced in whole or in part from any loan whether in money or in goods given to him by the co-operative society;
any outstanding demands or dues payable to a registered housing co-operative society by any member or past
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member in respect of rent, shares, loans or purchase money or any other rights or amounts payable to such co-operative society shall be a first charge upon his interest in the immovable property of the co-operative society.
Nothing in paragraph (1)(a) shall affect the claim of any bona fide purchaser or transferee without notice.