Protection of member shares: member interests and specified society funds are immune from attachment and creditor claims. Section 56 prevents attachment or sale of a member's, past member's or deceased member's share, contribution or interest in a multi State co operative society for liabilities of that member, and excludes official assignees and insolvency receivers from claiming those interests. It also makes reserve funds, bad debt reserves and employees' provident funds, when invested per the Act and bye laws, immune from attachment for society debts.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Protection of member shares: member interests and specified society funds are immune from attachment and creditor claims.
Section 56 prevents attachment or sale of a member's, past member's or deceased member's share, contribution or interest in a multi State co operative society for liabilities of that member, and excludes official assignees and insolvency receivers from claiming those interests. It also makes reserve funds, bad debt reserves and employees' provident funds, when invested per the Act and bye laws, immune from attachment for society debts.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
