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Section 29: Liability of a past member or estate of deceased member

Madhya Pradesh Co-Operative Societies Act, 1960State Act of Madhya Pradesh · Act 17 of 1960

(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 society for the debts of the society as they stood:-

(a) in case of a past member, on the date on which he ceased to be a member, and

(b) in case of a deceased member, on the date of his death; shall continue for a period of two years from such date.

(2) Where a society is ordered to be wound up under any provisions of this Act, the liability of a past member or of the estate of a deceased member who ceased to be a member or died, within two years immediately preceding the date of the order for 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 stood on the date of his ceasing to be a member or of his death as the case may be.

Where this provision sits

ActMadhya Pradesh Co-Operative Societies Act, 1960
Section29
Marginal noteLiability of a past member or estate of deceased member
JurisdictionState of Madhya Pradesh
StatusIn force as published by the source

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