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Section 22: Liability of past member and estate of deceased member

Andaman and Nicobar Islands Cooperative Socities Regulation 1973Union territory Act of Andaman and Nicobar Islands · Act 3 of 1973

(1) Subject to the provisions of sub-section (2) the liability of a past member or the estate of a deceased member of a co-operative 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;

Provided that the liability of the Government or of a credit agency which has takes shares in a co-operative society shall cease on the date on which the Government or the credit agency ceases to be a member.

(2) Where a co-operative society is ordered to be wound up under section 57, the liability of a past member who ceased to be a member or of the estate of a deceased member who died within two year 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.

CHAPTER IV MANAGEMENT OF CO-OPERATIVE SOCIETIES

Where this provision sits

ActAndaman and Nicobar Islands Cooperative Socities Regulation 1973
Section22
Marginal noteLiability of past member and estate of deceased member
JurisdictionUnion territory of Andaman and Nicobar Islands
StatusIn force as published by the source

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