(1) Subject to the other provisions of this Act and the rules and the bye-laws where a member who contributed land to the co-operative farming society ceases to be a member , he shall be given back the land contributed by him, or, in the interests of compactness of the land left with the society or of the land being returned to the member, any other land of equivalent value belonging to the society or any other member whose written consent to such exchange has been obtained ;
Provided that the society shall be entitled to re-imburse itself from such member the cost of any improvement or operations effected by the society, benefiting, or contributing to or helping in production from, the land to be returned ;
Provided further that if the land to be returned is subject to a mortgage made by the society under the provisions of section 86, the society shall, before returning the land to the outgoing member, secure redemption of the land from such mortgage and the mortgagee shall release such land from the mortgage on payment of proportionate amount of the mortgage money by the society notwithstanding anything to the contrary contained in the Transfer of Property Act, 1882 ;
Provided also that the mutual consent of the society and the outgoing member such cash compensation as may be determined in the prescribed manner, be paid by the society in lieu of the land to such member.
(2) Any land received back under sub-section (1) by the outgoing member, shall be held by him in the same right in which the land contributed by him to the society was held immediately before the cessation of his membership of the society, and the society or any other member, as the case may be, shall have the same rights in the land, if any, retained in exchange of the land given to the outgoing member under sub-section (1), as it or he had in the land so given anything to the contrary contained in section 161 of the U. P. Zamindari Abolition and Land Reforms Act, 1950, notwithstanding.
(3) No member shall, on the cessation of his membership, be entitled to claim any part of the land or other property acquired in any manner by the co-operative farming society, but nothing herein shall affect his right to get the value of any share to which he may be entitled under this Act.