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

The Punjab Co-Operative Societies Act, 1961Union territory Act of Chandigarh · Act 25 of 1961

(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 ; and

(b) in the case of deceased member, on the date of his death;

shall continue for a period of two years from such date.

(2) Where a co-operative society is ordered to be wound up under section 57, the liability of a past member or of the estate of a deceased member who ceased to be member or 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 his ceasing to be a member or death, as the case may be.

THE PUNJAB COOPERATIVE SOCIETIES ACT, 1961 23 8TH FINAL PRINT AS ON 05.10.2006

CHAPTER IV MANAGEMENT OF CO-OPERATIVE SOCIETIES SECTION - 23

Where this provision sits

ActThe Punjab Co-Operative Societies Act, 1961
Section22
Marginal noteLiability of past members and estate of deceased member
JurisdictionUnion territory of Chandigarh
StatusIn force as published by the source

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