(1) Subject to the provisions of the Act, the rules and the bye-laws of the society, a member may withdraw from the society after giving three months notice to the Secretary of the society of his intention to resign his membership of the society.
Rule 19* Sub Section (4) are inserted by TCS (Fourth Amendment) Act 2011.
Conditions to be complied with for admission for membership etc.
Procedure for admission of minor and persons ofunsound mind inheriting share orinterest of the deceased member Withdrawal of Membership.
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(2) No resignation from membership shall be accepted by the society unless the member has paid in full, his dues, if any, to the society and has also cleared his liability, if any, as surety to any other member or otherwise.
(3) The withdrawal from membership shall also be subject to such restrictions regarding the maximum amount of share capital that can be refunded in a year or as may have been provided for in the Act, the rules or bye-laws of the society.
(4) Any member, whose resignation has been accepted by the society, or any heir or legal representative of a deceased member, may demand refund of the share capital held by such member or deceased member and the society shall, subject to the provisions of sub-section (3) of section 29 and subject to the provisions of the bye-laws, refund the amount within six months from the acceptance of the resignation or, as the case may be, the date of demand made by the heir or legal representative of the deceased member.
(5) In all cases where share capital is to be refunded, valuation of the shares to be refunded shall be made in accordance with the provisions contained in rule 23.