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Friday 21 October 2022

Section 144-6A of MCS ACT 1960 : Prohibition on trading

Section 144-6A : Prohibition on trading

Notwithstanding anything contained in section 144-4A or in any contract, no non-agricultural co-operative credit society shall directly or indirectly deal in buying or selling or bartering of goods, except in connection with the realization of security given to or held by it, or engage in any trade, buy, sell or barter goods for others.

Explanation.— For the purposes of this section, “goods” means every kind of movable property, other than actionable claims, stocks, money, bullion and specie, and all instruments referred to in sub-section (1) of section 144-4A