Amendment status not verified — confirm the current text below against the official source.
(1) Subject to the provisions of sub-section (2) the liability of a past member or the estate of a deceased member of a society for the debts of society as they stood – (a) in the case of a past member, on the late on which he ceased to be a member, and (b) in the case of a deceased member, on the date of his death, shall continue for a period of two years from such date. (2) Where a society, is ordered to be wound up under any provision of this Act, the liability of a past member or of the estate of a deceased member, who ceased to be a member or died within two years immediately preceding the date of the order of winding up shall continue until the entire liquidation proceedings are completed but such they stood on the date of his ceasing to be a member of death, as the case may be : Provided that provisions of sub-section (1) and (2) shall not apply in the case of a minor who succeeds the deceased.