- Any person who acts in contravention of sub-section (2) of section 40 or fails to deposit or entrust to custody property subject to a prior charge in favour of any registered society when required to do so by the society under subsection (3) of that section or who acts in contravention of clause (iii) of section 41 or sub-section (3) of section 95 or sub-section (3) of section 105 [or sub-section (1) of section 124 or section 124-A] [Inserted by the Tamil Nadu Co-operative Societies (Amendment) Act 1999 (Tamil Nadu Act 50 of 1999) published in the Gazette on 15th December 1999 and came into force on the same date.] shall be punishable with imprisonment for a term which may extend to six months or with fine which may extend to [five thousand rupees] [Substituted for 'five hundred rupees' by Tamil Nadu Act No. 4 of 2013, dated 23.2.2013, w.e.f. 31.1.2013.] or with both.
Chapter XVIIIO — ffences and Penalties