(1) A person shall cease to be a member of a society on his resignation from the membership thereof being accepted or on his death, removal or expulsion from membership or on his incurring any of the disqualifications specified in this Act, the rules or the bye-laws of the society. On such cessation of the membership the society may acquire the share or interest of such member in the share capital of the society by paying for it at the value determined in the manner as may be prescribed.
(2) A member whose business is in conflict or competition with the business of the society, or who has not attended the general body meeting without any reasonable excuse for three consecutive years or who has been persistently defaulting payment of his dues or has been failing to comply with the provisions of the bye-laws x x x. regarding minimum essential utilization of the services of the society or regarding other dealings with the society or who, in the opinion of the committee, has brought disrepute to the society or has done other acts detrimental to the interests or proper working of the society, may after giving him an opportunity or representing his case before the general body called for the purpose, be removed or expelled from membership by a special resolution passed in such general body meeting in the prescribed manner.