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Co-Operative Societies Act 1993 · Updated to 1 Apr 2015 · Part IX · Miscellaneous

88. Recovery of sums due to Government

(1)

All sums due from a co-operative society or from an officer or member or past member of a co-operative society as such to the

Federal Government or any State Government may be recovered as a debt due to such Government.

(2)

Sums due from a co-operative society to the Federal

Government or any State Government and recoverable under subsection (1) may be recovered—

(a)

firstly, from the property of the co-operative society;

(b)

secondly, in the case of co-operative societies in which the liability of members is limited, from the members subject to the limit of their liability; and

(c)

thirdly, in the case of other co-operative societies, from the members.

Terms defined in s 2

co-operative society
Defined · s 2
“co-operative society” means an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically controlled enterprise which is registered under this Act;
Open s 2
member
Defined · s 2
“member” includes a person or a co-operative society joining in the application for the registration of a co-operative society and who has signed the minutes of the inaugural general meeting of the co-operative society and a person or co-operative society admitted to membership of the co-operative society in accordance with the regulations and its by-laws after registration;
Open s 2
property
Defined · s 2
“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;
Open s 2

Report

Read on from s 89

Part X

Repeal, Saving and Transitional

Read on from Part X

88. Recovery of sums due to Government

Terms defined in s 2

Repeal, Saving and Transitional

Schedules