Lawgist37Liabilities of past member and estate of deceased member
(1) Subject to the provisions of sub-section (2), the liability of a past member or of the estate of a deceased member of a multi-State cooperative society for the debts of the society as they existed,--
(a) in the case of a past member, on the date on which he ceased to be a member;
(b) in the case of a deceased member, on the date of his death,
shall continue for a period of two years from such date.
(2) Notwithstanding anything contained in sub-section (1), where a multi-State co-operative society is ordered to be wound up under section 86, the liability of a past member who ceased to be a member or of the estate of a deceased member who died within two years immediately preceding the date of the order of winding up, shall continue until the entire liquidation proceedings are completed, but such liability shall extend only to the debts of the society as they existed on the date of cessation of membership or death, as the case may be.
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- 25 Persons who may become members
- 26 Nominal or associate member of society
- 27 Educational course for members
- 28 Members not to exercise rights till due payment made
- 29 Disqualification for member of a multi-State co-operative society
- 30 Expulsion of members
- 31 Vote of members
- 32 Manner of exercising vote
- 33 Restriction on holding of shares
- 34 Restriction on transfer of shares or interest
- 35 Redemption of shares
- 36 Transfer of interest on death of members
- 37 Liabilities of past member and estate of deceased member
