(1) Notwithstanding anything contained in this Act, a person shall cease to be a member of a cooperative society -
(a) on his resignation from such membership; or
(b) on his death, if there is no claim by the nominee or legal heirs within three hundred sixty five days; or
(c) on transfer of the whole of his share or interest in that cooperative society; or
(d) on his expulsion or incurring any disqualification for being a member of that cooperative society.
(2) If any question as to whether a member has incurred any of the disqualifications mentioned in sub-section (1), it shall be referred to the Registrar for his decision, whose decision shall be final and binding.
(3) The Registrar may of his own motion, if satisfied that any member has incurred any of the disqualification under sub-section (1) declare through an order in writing that such member is disqualified to be a member :
Provided that no such order shall be passed without affording opportunity of being heard to such member as prescribed.
Directions by the Registrar for successful conduct of business.
42. The Registrar may from time to time issue such directions or directives to a cooperative society or a class of co-operative societies as he considers necessary for successful conduct of business and on all matters incidental thereto and such directions or directives shall be binding on them.
Provided that this power shall be limited to cooperative society with government equity of fifty one percentum or more.
CHAPTER - V PRIVILEGES OF CO-OPERATIVE SOCIETIES Co-operative society to be body corporate.
43. The registration of a co-operative society shall render it a body corporate by the name under which it is registered having perpetual succession and a common seal, and with power to hold property, enter into contract, institute and defend suits and other legal proceedings and do all things necessary for the purposes for which it is constituted.
First charge of co-operative society on certain movable assets of member for the amount due to him.