NIGERIAN CO-OPERATIVE SOCIETIES ACT

Section 14: Contract with members.

1993Section 14 of 58Federal Republic of Nigeria

(1) A registered society which has as one of its objects the disposal of any article produced or obtained by the work on industry of its members whether it is the produce of agriculture, animal husbandry, forestry, fisheries, handicraft or otherwise may provide in its bye-laws or may otherwise contract with its members the following, that is-
(a) that every member who produces an article shall dispose of the whole or any specified amount, quantity, proportion or of any description thereof to or through the society; and
(b) that a member who is proved or adjudged in such manner as may be prescribed by the regulations to have committed a breach of the bye-laws or contract shall pay to the society as liquidated damages a sum ascertained or assessed in such manner as may be prescribed by the regulations.
(2) No contract entered into under the provisions of this section shall be contested in any court on the ground only that it constitutes a contract in restraint of trade.
(3) A member who violates a contract under this section shall pay damages to the society and the society may apply for an injunction in restraint of an attempt by a person to include violation of any such contract.
(4) The fact that a person duly admitted as a member of any registered society is a minor shall not-
(a) prevent that person from executing any instrument or giving any acquaintance necessary to be executed or given under this Act or the regulations made, under it; or
(b) be a ground for invalidating or avoiding any contract entered into by that person with the society, whether as principal or as surety, and any such contract shall be enforceable by or against such person notwithstanding his minority or non-age.

Cite this section

Section 14, NIGERIAN CO-OPERATIVE SOCIETIES ACT (1993).

https://repo.podus.ai/laws/nigerian-co-operative-societies-act/section/14/