Amendment status not verified — confirm the current text below against the official source.
Disposal of shares or interest of ceased members.—When a member oh registered society is expelled or withdraws or otherwise ceases to be a meml under this Act, rules or bye-laws his share or interest shall be transferred 1 another eligible person, and the value thereof, determined in accordance with ti rules, shall be paid to such ceased member if his share or interest is not f< under the provisions of this Act, rules or bye-laws or if he is insane, to any , appointed to manage his properties under the Indian Lunacy Act, 1912 (IV 1912) ; provided that if there is no eligible transferee and if die bye-laws of t society so provide the value of his share or interest determined in accordance wi the bye-laws shall be paid to him or, if he is insane, to any person appointed i manage his properties under the Indian Lunacy Act, 1912.