Land and Agricultural Development Bank Act, 2002 (Act No. 15 of 2002)

Part III : Funds and Business of Bank

32. Members of society to remain liable

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(1)Despite anything to the contrary in any law, every member of a co-operative society, as defined in section 1 of the Co-operatives Act, 1981 (Act No. 91 of 1981), remains liable after his or her withdrawal from the society for every debt or obligation to the Bank which was—
(a)incurred by the society while he or she was a member thereof; and
(b)undischarged at the date of that withdrawal,

until the Bank has given a certificate to the effect that it is satisfied that the society and its remaining members are capable of discharging the debt or obligation.

 

(2)The Bank may not delay or refuse the issue of a certificate contemplated in subsection (1) unreasonably.