Multi-State Co-operative Societies Act,2002

Act No : 39

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Section : Share or contribution or interest not liable to attachment.

56. Share or contribution or interest not liable to attachment.-(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 li ble 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, suc share or contribution or interest. (2) The reserve fund, or the bad debt reserves, or the provident fund of the employees, of a multi-State co-operative society invested by such society in accordance with the provisions of this Act and the bye-laws shall not be liable to attachment under ny decree or order of a court in respect of any debt or liability incurred by the society.

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