(1) In case the notice referred to in Rule 57 is not replied within thetime specified in that rule or the reply received is unsatisfactory in the opinion of the Committee of Management, the member may be removed or expelled, as the case may be, by the Committee of Management by a resolution passed in a meeting held within fifteen days of the expiry of the period of thenotice.
(2) A copy of the agenda of the meeting of the Committee of Management convened for the purpose mentioned in sub-rule (1) shall also be sent to the member whose removal or expulsion is sought and the member concerned shall have the right to state his case in person before such meeting, if he so chooses.
59. No resolution passed under Rule 58 shall be effective unless it is carried by a majority of two-thirds of the members present andvoting.
60. Where an order requiring the removal or expulsion of a member of a co- operative society is received from the Registrar under clause (a) of sub-section (2) of Section 27, the Committee of Management shall, within thirty days from the date of receipt of the order, remove or expel the member, as the case may be, in the manner laid down in Rules 57 and58.
61. A copy of the resolution of the meeting referred to in Rule 58 or in Rule 60 or a copy of the order passed by the Registrar for removal or expulsion under sub- section
(2) of Section 27, as the case may be, shall be sent by registered post or by personal delivery under acknowledgment to the memberconcerned
62. Any person removed or expelled from the membership of a co-operative society by the Registrar under sub-section (2) of Section 27 or by a co-operative society under Rule 58 or Rule 60 shall, notwithstanding such removal or expulsion, continue to be liable as provided in Section 25 and shall also continue to be liable to pay his debt to thesociety.
63. A member of a co-operative society shall cease to be such memberon-
(i) hisdeath,
(ii) his removal or expulsion from thesociety,
(iii) his withdrawal from membership,or
(iv) retirement, transfer or forfeiture of all the shares held byhim.
64. A co-operative society shall on a request in writing and on payment of such fees as may be laid down in its bye-laws, give certified copies of any one or more of the documents named below within one month from the date of the payment of such fees-
(a) to any member-
(i) a copy of the registered bye-laws of the society;
(ii) a list of the members of the committee of management;
(iii) a copy of the last audited balance-sheet and annual profit and loss account;
(iv) duplicate copy of any one or more of the records of his transaction with the society in case of a credit society and of his credit dealings in case of any othersociety;
(b) to an ordinary or sympathizer member-
(i) a list of members of the society;
(ii) a copy of the proceeding of the meeting of the general body or of the committee of management or of any other committee of the society.
CHAPTER VI Shares
65. In the case of a co-operative credit society of limited liability, no person who is an individual, shall, subject to the restrictions laid down in Section 22, hold shares of amount exceeding one-tenth of the subscribed share capital of thesociety.
66. Without prejudice to the provisions for liability under Section 25, and for charge and set-off under Section 41, a co-operative society may, under sub-section (3) of Section 23, return the sharesof-
(i) a member mentioned in any of the clauses (b) to (f) of sub-section (1) of Section 17 according to the terms and conditions of share-participation agreed to between the society and such member at the time of admission to membership;
(ii) a member in a salary earner's co-operative society in the event of transfer of such member from the area of operation of the society or on cessation of his service by virtue of which he held membership of thesociety;
(iii) a member of a co-operative society organised in an educational institution, if the member ceases to be a student or a member of the staff of the institution by virtue of which position he was holding membership of thesociety;
(iv) a member of a co-operative society, if he has ceased to be a shareholder on account of adjustment of his membership to any other class under sub-rule (c) of Rule 44 or if he has been removed from membership under sub-rule (a) of Rule56.
67. The share held by a person in a co-operative society may subject to the provisions of the Act and the rules be transferred to another co-operative society to which the membership of such person has beentransferred.
68. A co-operative society may pending transfer of share of an outgoing member purchase such share from its own share transfer fund, if any, and recover the amount subsequently from the member to whom the share is ultimatelytransferred.
69. Shares held by a co-operative society in a Central Co- operative Society shall not be transferable exceptwhen-
(i) the co-operative society is split up in two or more societies, in which case the Central Society may, with the approval of the Registrar transfer such proportion of the shares held by the original society to the new societies as is considered equitable,or
(ii) any two or more co-operative societies are amalgamated or merged into one society in which case the Central Society may, with the approval of the Registrar, transfer all the shares held by the original societies to the new society in case of amalgamation and to the continuing society in case of merger,or
(iii) a co-operative society has more shares in the opinion of the Registrar than it needs, in which case the Central Society may transfer such shares (as are considered to be in excess of the need) to another society which is a member of the same Central Society, on such terms and conditions as may be agreed upon between the transferor society and the transferee society and approved by the CentralSociety.
70. Subject to the provisions of the Act and the rules, a Central Co-operative Society may reduce its share capital according to a scheme approved by the Registrar and adopted by the general body of the society in a general meeting specially called for the purpose. Such a scheme may providefor-
(i) extinguishing or reducing the liability on any of its shares in respect of share capital not paid up,or
(ii) cancelling and paid-up share capital,or
(iii) paying back any paid-up share capital which is in excess of the need of the CentralSociety.
71. The Registrar may direct a Central Co-operative Society desiring to reduce its share capital to issue a notice by registered post to every creditor who shall be entitled to object to the proposed reduction within one month from the date of the receipt of suchnotice.
72. If a creditor does not consent to the proposed reduction of the share capital, the Registrar may dispense with the consent of that creditor, in case the Central Co- operative Society secures payment of the debt of such creditor or satisfaction of the claim with the time specified by theRegistrar.
73. The Registrar, if satisfied with respect to every creditor of such Central Cooperative Society, who has objected to the reduction, that either his consent to the reduction has been obtained or his debt or claim has been paid or satisfied as provided in Rule 72, may make an order approving the reduction on such terms and conditions as the Registrar may thinkfit.
74. The resolution for the reduction of share capital of a Central Co-operative Society shall take effect from the date on which it is approved by the Registrar under Rule73.
75. Shares held by a member in a co-operative society shall not be hypothecated by him as a security for any loan taken by him from a person or body other than the society of which he is amember.
76. Where an order of winding up a member society passed under Section 72, has become final, the share of such society shall be adjusted in dues which may be outstanding against the society and the balance, if any, shall be credited to the society.