Section 43   [ View Judgements ]

Preference to members or clients of micro finance institution in repayment


In the event of any micro finance institution making default in repayment of thrift to its members or clients who had made a contribution to thrift, all the workmen shall be paid their dues in priority to all others and thereafter all such members or clients of such micro finance institution shall have a preference in repayment, and shall have the first charge over the assets of the micro finance institution and specified unencumbered securities, if any, referred to in sub-section (3) of section 18.

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