Amendment status not verified — confirm the current text below against the official source.
(1) After its initial formation a Corporatio n may ad mit Admission, m ore, ag ric ulturis t mem ber, in the man ne r prescribed, righ ts, du ties. (2) An agric ulturis t mem ber shall have such righ t an d duties as may be prescribed in the rules or in the Mem o ra ndum of Association. C eas at io n of 9- (1) An agric ulturis t mem ber shall be liable to for- Mem bersh ip. feit his membersh ip an d cease to be a mem ber of the Co r po ratio n an d may, accord ingly, be rem oved from such mem bersh ip in the man ne r prescribed, if it is decided by th e Board th at he has failed to abide by the provisons of this Ac t or rules' made thereu nd er or the terms an d con ditions contain ed in the Mem oran du m of Association or bye-laws or for reasons of misco nduct de trim ental to the interests of th e Corpo ratio n: Provided th at the Bo ard may, if it so desires, instead of removing such an agric ulturis t mem ber from the mem bersh ip of the Co rporation, allow him to continue as an Agriculturis t mem ber, by realising a reasonable com po unding fee, no t exceeding one thou sand rupees: Provided furthe r th at an agric ulturist mem ber aggriev ed by a decision of the Board un de r this sub-section, may appe al to the State Go vernment again st such decision of the Bo ard an d th e dec ision of the State Governm ent on such an appe al shall be final an d bind ing on th e Co rporation 'and the Ag ric ulturist mem ber concerned. 6 Register of Share' holders. (2) An agric ulturis t mem ber may at any tim e resign from the membersh ip of a Corporation by giving due notice in writing in the man ne r prescribed to the Secretary of the Co rporation. (3) An agric ulturis t mem ber ceasing to be a mem ber of th e Corporatio n un de r sub-sections (1) an d (2) shall be lia ble to be removed from the possession of the land or other prop erty of the Corporatio n allotted for his use while he was a mem ber of the Co rporation. (4) An ag ricu ltu ris t mem ber ceasing to be a mem ber of th e Co rporation shall forfeit the am ou nt invested by him in the ordina ry shares of the Corporation bu t the am ou nt inv ested by him in the pre ference shares will be payable to him after realisa tion of all dues from him. The Corpo ra tio n shall also pay to him reasonable comp ensation for any immovable structures created by him or crops gro wn or anim als or birds raised by h im on the land o f the Cor po ratio n with du e au thority from the Corporatio n an d left be hind by him : Provided th at no such compensation shall be payable in respect of structures erected , crops grow n or animals or birds raised by the said mem ber on the land of the Corporatio n with ou t du e au thority an d such structures, crops or animals or birds shall be taken over by an d forfeited to the Co rporation. • (5) Any sums du e from any agric ulturist mem ber who ceases to be a mem ber of the Co rporation un de r , sub- . sections (1) an d (2) shall be realisab le as ar re ar of land revenue from him an d for th at purpose the am ou nt du e to such a mem ber un de r sub-section (4) may be adjusted by the Co rporation again st the dues of the members to the Co rporations. (6) The am ou nt of ordina ry share capital of an agri cultu ris t mem ber, wh ich is forfeited un de r sub-section (4) will be transferred to the Reserve fund of the Co rporation.