Co-operative's power to call for statement of claims.
Section 60
SEC. 60. Co-operative's power to call for statement of claims.— When a member of a co-operative, which includes among its purposes granting of loans to its members, applies for a loan or when a person applies for membership in such a co-operative, the co-operative may in the prescribed manner serve a notice on any creditor named in the application or ascertained after subsequent inquiry, and may also publish a general notice on all creditors, requiring him or them to furnish a written statement of his or their claim, in the prescribed form and within the time specified in the notices, which shall not be less than ten days. When a member of a co-operative, which includes among its purposes the granting of loans to its members, has already borrowed from the co-operative and intends to apply for a loan from any person other than the cooperative, such member shall send to the co-operative a notice in writing stating: His intention to apply for such loan; The amount of the loan for which he intends to apply ; The object of taking the loan; and The name and address of the lender.