Section 144-12A : Restrictions on power to remit debt
(1) Notwithstanding anything contained in this Act, a non- agricultural co-operative credit society shall not, except with the prior approval of the Registrar and in consultation with the Regulatory Board, remit in whole or in part any debt due to it by,–
(a)any of its past and present Director and his family members ;
or
(b)any firm or company in which any of its past and present Director or his family member is interested as director, partner, managing agent or guarantor or major shareholder or in which he holds any interest.
(2)Any remission made in contravention of the provisions of sub-section (1) shall be void and of no effect.
Explanation.—For the purposes of this section, the term “family” shall have the same meaning as explained in Explanation I of sub-section (2) of section 75
