G.M.LODHA, J. - (1.) THERE exists a primary Co -operative Credit Society in the name and style if 'Gandhi Bahudhandhi Sahakari Samitee Badnor' in district Bhilwara. The Society has been registered under the Rajasthan Co -operative Societies Act, 1965 (hereinafter referred to as .the Act of 1965,). The main object of the society is to lend money to its members.
(2.) IN this Society, a Committee was constituted in the year 1957. Shri Mangilal Purohit was elected Chairman, Shri Chaturbhuj Treasurer and the petitioner was known as 'Karya Karini Samitee.'
(3.) IN the year 1957, the Bank granted loans to the Society in three lots i.e. Rs. 6,500/ -, Rs. 7500/ - and Rs. 6.800/ - respectively, the Karya Karini Samitee distributed this amount as loans to its members. A bond was executed by every member for re payment of the loan. On 1.6.75, an agreement was executed by the petitioner in favour of the Bank with the stipulation that the society owes an amount of Rs. 14321/79/ - as principal and Rs. 18004/43 as interest to the Bank and the petitioner would, therefore, recover this amount from the members of the society and if the amount is not recovered the petitioner would personally deposit a sum of Rs. 25000/ - in the Bank. It was also stipulated that if up to 31st December, 1975, the petitioner submits a list of the members who are defaulters then that amount would be reduced.;