(1) All sums calculated in accordance with the rules to be due from a co-operative society to a member, other than payments to be made in respect of share or interest of such member to the co-operative society, shall, subject to the provisions of section 57, be paid within one year,—
(a) in the case of a deceased member, to the person to whom the share and interest are transferred or their value is paid in accordance with the provisions of section 80;
(b) in the case of a member who has been expelled by, or has resigned from a co-operative society, to him; and
(c) in the case of a member who has become insane, to the person appointed to manage his properties under the Indian 4 of 1912.
Lunacy Act, 1912.
(2) All payments and transfers made by a co-operative society in accordance with the provisions of sections 80 to 83 and sub-section (1) of this section shall be valid and effectual against any demand made upon the co-operative society by any other person.
CHAPTER IX Special provisions for co-operative housing societies