Section 64Part 10 — Miscellaneous
Provision for fines and penalties against members
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A registered society shall have the power to provide under its rules or in any contract made under section 15 for the payment by its members of fines and penalties or specific or ascertainable sums of money by way of liquidated damages for any infringement of its rules or any breach of such contract or any term thereof, and may further provide that the party found in any breach of such contract or any terms thereof shall pay all costs, expenses and fines in case any action in respect of such breach is brought by the registered society.
Cross References
- Section 15 of Cooperative Societies Law
Reference to contracts made under section 15