Deduction of certain amount by co-op credit society
(Querist) 29 November 2018
This query is : Resolved
Dear Sir, I am working in a bank. We have one co-operative credit society. I have joined in the society after two years of my joining and continued for 5 years(till now). Now I would like to resign from the society as I think they are taking a big amount as a subscription. I have paid approx Rs.25000/- till now. I have sent a mail to the society to close my membership and pay my amount back. They are saying that I will get only 9000/- back and the remaining amount will be forfeited. Can co-operative credit societies have that right to forfeit some amount paid by its members? Don't am I able to get out from that society without any loss?
(Expert) 30 November 2018
OFFHAND As per your narration, you joined the Society voluntarily and out of own volition; not under any undue influence / coercion. . If so, and if the payment of subscription, and refund of which you have sought, are squarely covered by/in accordance with the Society's Bye-laws, then the stance taken by the Society will not, prima facie, be impeachable/ lawfully contestable. Suggest to search and find out the judicial view taken by a couple of Court Judgments on a similar issue (non-issue!), in the case of a housing society.
Over to the participating EXPERTS, should anyone hold a different view; and wish to spare and share independent thoughts ?