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Section 37: Liabilities of past member and estate of deceased member.

The Multi-State Co-operative Societies Act, 2002Central Act · Act 39 of 2002

(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.

Where this provision sits

ActThe Multi-State Co-operative Societies Act, 2002
Section37
Marginal noteLiabilities of past member and estate of deceased member.
JurisdictionCentral
StatusIn force as published by the source

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